THE EVOLUTION OF THE GAME OF BACCARAT

Stewart N Ethier and Jiyeon Lee

Journal of Gambling Business and Economics, 2015, vol. 9, issue 2, 1-13

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.

Keywords: baccarat; banque; chemin de fer; punto banco; zero-sum game; nonzero-sum game; best response; Nash equilibrium (search for similar items in EconPapers)
JEL-codes: L83 (search for similar items in EconPapers)
Date: 2015
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