Disciplines
Gaming and Casino Operations Management | Gaming Law
Document Type
Original Research Article
Abstract
There are several senses in which the term gambling is used. All have liabilities, problems that have muddied the waters in scientific research, generated conflicting legal decisions, compromised debates over ethical and moral issues, and have led to uneven legislation. Here, a novel framework for the term is offered, based on two continuous variables: a) the Expected Value (EV) of any arbitrary game and, b) the inherent Flexibility (F) of that game. This EVF model produces a classification system for all the enterprises that can or have been called gambling. It is one that allows for more measured decisions to be made and provides a more coherent platform on which to deliberate the many significant issues that have been raised over the years. It also permits a sensible answer to the question of the nature of games like the stock market, opening a small business, and especially, poker.