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'Thank you to everyone who submitted their research, presented, attended, or wanted to attend the 17th International Conference on Gambling & Risk Taking. We think it gets a little better every time, and we couldn’t do it without all of you. Be on the look out for the next Call for Papers (sometime in 2021), submit your research, and encourage your friends and fellow academics to do the same next time. We’re looking forward to the next conference in Summer 2022 and hope you are, too.'

#TeamIGI

About the Conference

The International Conference on Gambling & Risk Taking brings together a diverse array of researchers and industry professionals from across the globe to discuss wide-ranging topics in gambling studies. Launched in 1974 by Dr. Bill Eadington—an innovative thinker and founding figure in gambling research—the conference has maintained its status as the largest, oldest, and most prestigious conference of its kind by always looking towards the future and remaining on the cutting-edge of gambling insights.

Encompassing academics, researchers, industry representatives, professional gamblers, regulatory and government officials, and treatment providers, the conference seeks to encourage new ways of thinking, drive innovation and change, and provide interdisciplinary access to the world’s brightest gambling minds.

Held only every three years, IGI encourages all students, early-career scholars, established researchers, and gaming industry authorities to submit their latest and most groundbreaking research for the chance to present to the world’s largest gathering of gambling intellectuals. Held in 2019, the last conference drew 550+ attendees from 34 countries and covered topics including: economics, public policy, mathematics, social sciences, psychology, and treatment.

'The International Conference on Gambling and Risk Taking was one of the best weeks of my professional life. It exposed me to the great work that so many other researchers are conducting around the world.'

2016 Conference Attendee

Introduction

I get asked a lot about Money Management in gambling. It is not a topic I address often, because money management is just mathematical voodoo. What you can expect to lose gambling is the product of the total amount you bet and the house edge. It does not make any difference how you break up your total amount bet. Given the same game, the expected loss is the same making a million bets of $1 and one bet of $1,000,000.

While money management does not change expected loss, given the same game and total amount bet, it can affect variance. Here are some money management strategies, according to what your goal is.

Player 1 plays for the social aspect of gambling, not so much to win. He prefers to bet conservatively, minimizing his risk of losing, while at the expense of likely not winning either. This player should flat bet. In other words, his wagers should be the same every bet, or close to it.

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Player 2 is a risk seeker who wishes to either win a lot or lose a little. Of course, with a high winning marker, and low losing marker, it is more likely to achieve the losing one. The appropriate strategy for player 2 is to press his luck after wins, letting them ride. Most of the time the player will hit a loss before reaching his winning goal, but sometimes hit a good run and parlay his wins to whatever makes him happy.

Player 3 is a small win seeker, at the expense of the chance of a large loss. There are many betting systems that cater to this goal, but they all press bets after losing, until there is a win. Often this player will leave the casino happy for reaching his modest winning goal, but the occasional large losses will take back all the small wins, and more.

Judging by the ratio of expected loss to total amount bet, all betting strategies and money management systems are equally worthless. How much you bet and why should depend on the reason you are playing in the first place. Whatever form of money management you choose, once a bet is made you should always follow the best mathematical play. Finally, never pay for a betting strategy. As mentioned, they are all equally worthless, so you may as well use one of the free ones easily found on the Internet.

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Written by: Michael Shackleford