--- title: "4 Gambling Quotes By Richard Arnold Epstein" description: "4 Gambling quotes by Richard Arnold Epstein. Plus more from Richard Arnold Epstein and more Gambling sayings from other authors." image: "https://sms4smile.com/quotes/i/65d/richard-arnold-epstein-33354_betting_generally-a-betting-system-for-which-eac_441108.jpg" --- > [Generally, a betting system for which each wager depends only on present resources and present probability of success is known as a…](https://sms4smile.com/quotes/richard-arnold-epstein/generally-a-betting-system-for-which-each-wager-depends-only-on/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) [Image](https://sms4smile.com/quotes/i/65d/richard-arnold-epstein-33354_betting_generally-a-betting-system-for-which-eac_441108.jpg) > [Coin matching and finger flashing were among the first formal games to arise in the history of gambling. The class of Morra…](https://sms4smile.com/quotes/richard-arnold-epstein/coin-matching-and-finger-flashing-were-among-the-first-formal-games/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) [Image](https://sms4smile.com/quotes/i/bc4/richard-arnold-epstein-33354_arise_coin-matching-and-finger-flashing-were-a_1511401.jpg) > [The essence of the phenomenon of gambling is decision making. The act of making a decision consists of selecting one course of…](https://sms4smile.com/quotes/richard-arnold-epstein/the-essence-of-the-phenomenon-of-gambling-is-decision-making-the-act/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) [Image](https://sms4smile.com/quotes/i/253/richard-arnold-epstein-33354_action_the-essence-of-the-phenomenon-of-gamblin_1946503.jpg) > [In our most Puritan of society, gambling-like other pleasures-is either taxed, restricted to certain hours, or forbidden altogether. Yet the impulse to…](https://sms4smile.com/quotes/richard-arnold-epstein/in-our-most-puritan-of-society-gambling-like-other-pleasures-is/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) [Image](https://sms4smile.com/quotes/i/23b/richard-arnold-epstein-33354_aspect_in-our-most-puritan-of-society-gambling_3188554.jpg) ## Other authors on Gambling - [John Warren Kindt 82 quotes](https://sms4smile.com/quotes/about/gambling/john-warren-kindt/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b004/author-audrey-15605.jpg) John-Talmage Mathis 12 quotes ](https://sms4smile.com/quotes/about/gambling/john-talmage-mathis/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b011/author-hunter-s-thompson-42712.jpg) Hunter S. Thompson 12 quotes ](https://sms4smile.com/quotes/about/gambling/hunter-s-thompson/) - [James Holzhauer 10 quotes](https://sms4smile.com/quotes/about/gambling/james-holzhauer/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b019/author-pete-rose-74648.jpg) Pete Rose 7 quotes ](https://sms4smile.com/quotes/about/gambling/pete-rose/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b016/author-mario-puzo-63950.jpg) Mario Puzo 6 quotes ](https://sms4smile.com/quotes/about/gambling/mario-puzo/) - [Frank Scoblete 6 quotes](https://sms4smile.com/quotes/about/gambling/frank-scoblete/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b004/author-artie-lange-15085.jpg) Artie Lange 6 quotes ](https://sms4smile.com/quotes/about/gambling/artie-lange/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b023/author-thomas-jefferson-90435.jpg) Thomas Jefferson 5 quotes ](https://sms4smile.com/quotes/about/gambling/thomas-jefferson/) - [Ralph Waldo Emerson 5 quotes](https://sms4smile.com/quotes/about/gambling/ralph-waldo-emerson/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b018/author-mitch-hedberg-68629.jpg) Mitch Hedberg 5 quotes ](https://sms4smile.com/quotes/about/gambling/mitch-hedberg/) - [ ![](https://sms4smile.com/quotes/wp-content/uploads/sms4s/authors/processed/b001/author-george-bernard-shaw-68.jpg) George Bernard Shaw 5 quotes ](https://sms4smile.com/quotes/about/gambling/george-bernard-shaw/) ## More by Richard Arnold Epstein > [Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.](https://sms4smile.com/quotes/richard-arnold-epstein/reflecting-an-amalgam-of-economics-monetary-and-psychological-factors/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [Generally, a betting system for which each wager depends only on present resources and present probability of success is known as a Markov betting…](https://sms4smile.com/quotes/richard-arnold-epstein/generally-a-betting-system-for-which-each-wager-depends-only-on/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained by empirical observation.](https://sms4smile.com/quotes/richard-arnold-epstein/the-assumption-that-individuals-act-objectively-in-accordance-with/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [Treatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that its practical…](https://sms4smile.com/quotes/richard-arnold-epstein/treatment-of-the-apparently-whimsical-fluctuations-of-the-stock/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [The earliest full-length account of a chariot race appears in Book xxiii of the Iliad.](https://sms4smile.com/quotes/richard-arnold-epstein/the-earliest-full-length-account-of-a-chariot-race-appears-in-book/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [A weakness of the random-walk model lies in its assumption of instantaneous adjustment, whereas the information impelling a stock market toward its "intrinsic value"…](https://sms4smile.com/quotes/richard-arnold-epstein/a-weakness-of-the-random-walk-model-lies-in-its-assumption-of/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [Coin matching and finger flashing were among the first formal games to arise in the history of gambling. The class of Morra games extends…](https://sms4smile.com/quotes/richard-arnold-epstein/coin-matching-and-finger-flashing-were-among-the-first-formal-games/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [A proven theorem of game theory states that every game with complete information possesses a saddle point and therefore a solution.](https://sms4smile.com/quotes/richard-arnold-epstein/a-proven-theorem-of-game-theory-states-that-every-game-with-complete/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [The essence of the phenomenon of gambling is decision making. The act of making a decision consists of selecting one course of action, or…](https://sms4smile.com/quotes/richard-arnold-epstein/the-essence-of-the-phenomenon-of-gambling-is-decision-making-the-act/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [The French philosopher Pierre-Hyacinthe Azaïs (1766-1845) formalized the statement that good and evil fortune are exactly balanced in that they produce for each person…](https://sms4smile.com/quotes/richard-arnold-epstein/the-french-philosopher-pierre-hyacinthe-aza-s-1766-1845-formalized/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [While no rigorous proof of an optimal strategy has been achieved, Robbins has proposed the principal of "staying on a winner" and has shown…](https://sms4smile.com/quotes/richard-arnold-epstein/while-no-rigorous-proof-of-an-optimal-strategy-has-been-achieved/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [From a rational standpoint, it might be expected that man should be far more willing to express financial confidence in his skills rather than…](https://sms4smile.com/quotes/richard-arnold-epstein/from-a-rational-standpoint-it-might-be-expected-that-man-should-be/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [One of the oldest mythological fables tells of Mercury playing at dice with Selene and winning from her the five days of the epact…](https://sms4smile.com/quotes/richard-arnold-epstein/one-of-the-oldest-mythological-fables-tells-of-mercury-playing-at/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [There are no conventional games involving conditions of uncertainty without risk.](https://sms4smile.com/quotes/richard-arnold-epstein/there-are-no-conventional-games-involving-conditions-of-uncertainty/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) > [In our most Puritan of society, gambling-like other pleasures-is either taxed, restricted to certain hours, or forbidden altogether. Yet the impulse to gamble remains…](https://sms4smile.com/quotes/richard-arnold-epstein/in-our-most-puritan-of-society-gambling-like-other-pleasures-is/) [Richard Arnold Epstein](https://sms4smile.com/quotes/author/richard-arnold-epstein/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/gambling/richard-arnold-epstein/#itemlist", "name": "4 Gambling Quotes By Richard Arnold Epstein", "numberOfItems": 4, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "Generally, a betting system for which each wager depends only on present resources and present probability of success is known as a Markov betting system.", "creator": { "@type": "Person", "name": "Richard Arnold Epstein" }, "url": "https://sms4smile.com/quotes/richard-arnold-epstein/generally-a-betting-system-for-which-each-wager-depends-only-on/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/65d/richard-arnold-epstein-33354_betting_generally-a-betting-system-for-which-eac_441108.jpg", "contentUrl": "https://sms4smile.com/quotes/i/65d/richard-arnold-epstein-33354_betting_generally-a-betting-system-for-which-eac_441108.jpg", "url": "https://sms4smile.com/quotes/i/65d/richard-arnold-epstein-33354_betting_generally-a-betting-system-for-which-eac_441108.jpg", "width": 1080, "height": 1080, "caption": "“Generally, a betting system for which each wager depends only on present resources and present probability…” — Richard Arnold Epstein", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "Coin matching and finger flashing were among the first formal games to arise in the history of gambling. 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