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The Theory of Gambling and Statistical Logic, Richard A. Epstein, 1977, ISBN 012240761X, 215-251 It follows that the player that starts with fewest pennies is most likely to fail. Even with equal odds, the longer one gambles, the greater the chance that the player starting out with the most pennies wins. However, this does not imply positive expected value for richer player since for each complete game (many flips) that the richer player loses, he will forfeit more pennies than his poorer playmate. The cards are dealt, one to the 'Player' first then to the 'Banker', 'Player' then 'Banker' again. Each has two cards. This is the initial deal. Both cards in each hand are added together and the croupier calls the total. (e.g. five to the 'Player', three to the 'Banker') From this position the 'Tableau' or table of play is used to determine if further cards need to be drawn. A maximum of three cards per hand may be drawn to achieve a winning hand. Therefore the object of the game is to bet on the hand with the highest total. Because of its attraction for wealthy players, a casino may win or lose millions of dollars a night on the game, and the house's fortunes may even affect the bottom line of a corporation's quarterly profit and loss - notations of the effects of major baccarat wins and losses are frequent in the quarterly reports of publicly-traded gaming companies. Some common rules variations include: A player who has "gone bank," and lost, is entitled to do so again on the next hand, notwithstanding that the deal may have "passed" to another player. [edit] To save time, my recommendation is to download Europa online casino now, so you can play soon after reading this article. (Yes:it's that good!) Mathematically, the probability is equal to one that gains will eventually equal losses and a gambler will return to his starting point; however, the expected number of times he has to play is infinite, and so is the expected amount of capital he will need! A similar argument shows that the popular doubling strategy (start with $1, if you lose, bet $2, then $4 etc., until you win) does not work; see St. Petersburg paradox. Situations like these are investigated in the mathematical theory of random walks. This and similar strategies either trade many small wins for a few huge losses (as in this case) or vice versa. With an infinite amount of working capital, one would come out ahead using this strategy; as it stands, one is better off betting a constant amount if only because it makes it easier to estimate how much one stands to lose in an hour or day of play. Luck, Logic, and White Lies: The Mathematics of Games, Joerg Bewersdorff, 2004, ISBN 1568812108, 121-134
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