PZ92: Malmuth on Gambling

The Poker Zoo continues its latest revival with an interview on a key poker subject: the quantification of winning and losing in games of chance. Going to play a session of poker is gambling, guest Mason Malmuth asserts unambiguously, but the question becomes more interesting and complex over the horizon of time. In fact, the answer now can change – or may not, depending on your expectation.

A new edition of his Gambling Theory and Other Topics covers this and all kinds of other poker statistics concepts. It seems like a forgotten essential text because the questions and the math don’t change, nor has the community really added much to Mason’s work that started back in the 1980’s.

Gambling Theory and Other Topics has been very helpful in creating my current article series on playing live one three. The interplay of expectation and standard deviation was not previously clear to me before, especially as forum posters continuously toss around arbitrary sample size requirements and myths about “variance.”

The final section of the book is unexpected, however, being a long series of short reviews on poker and gambling books. As I went through some of the reviews, I realized how valuable this summary is, should anyone want to get a picture of the history of poker strategy. That said, there are two key books (and maybe others) that are not in the reviews, unless I’m mistaken. The first is Easy Game by Andrew Seidman, probably the finest of all poker general strategy books in overall quality and influence. It’s somewhat dated now because of the precision of today’s tools, but Seidman’s thinking process and his teaching knack remains unmatched. Second, Let There Be Range by Tri Nguyen and Cole South similarly shared high stakes high ideas in the transformative years of modern no-limit. This was a breakthrough read for many.

Thanks to Poker Zoo member Kent D. for reading the book with me and preparing questions. Thanks also, of course and as usual, to Dean for putting our podcast together. Now go find some peppers!

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