Actual win; Baccarat; casino management; game volatility; table games; theoretical win; variance.


Gaming and Casino Operations Management | Gaming Law

Document Type

Original Research Article


The authors discuss the volatility of table games using Baccarat as an example. The expected deviation from the win, in percentage terms, will decrease as the number of decisions is increased. In absolute terms, the deviation is likely to increase as decisions increase. Through the formulas presented in the article the author shows there is no natural evening-up process. That is if a casino lost one million dollars on Baccarat play last month, the casino manager cannot expect to make the theoretical win plus an additional one million next month. The article will help managers understand and plan for fluctuations in table game play.