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The Evolution Of The Game Of Baccarat

Author

Listed:
  • Stewart N Ethier
  • Jiyeon Lee

Abstract

The game of baccarat has evolved from a parlor game played by French aristocrats in the first half of the 19th century to a casino game that generated over US$41 billion in revenue for the casinos of Macau in 2013. The parlor game was originally a three-person zero-sum game. Later in the 19th century it was simplified to a two-person zero-sum game. Early in the 20th century the parlor game became a casino game, no longer zero-sum. In the mid 20th century, the strategic casino game became a nonstrategic game, with players competing against the house instead of against each other. We argue that this evolution was motivated by both economic and game-theoretic considerations.

Suggested Citation

  • Stewart N Ethier & Jiyeon Lee, 2015. "The Evolution Of The Game Of Baccarat," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 9(2), pages 1-13.
    • Handle: RePEc:buc:jgbeco:v:9:y:2015:i:2:p:1-13
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    More about this item

    Keywords

    baccarat; banque; chemin de fer; punto banco; zero-sum game; nonzero-sum game; best response; Nash equilibrium;
    All these keywords.

    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

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