explaining the motivations behind problematic gambling behaviors. However, parametric models that quantitatively describe empirical gambling behaviors are still missing. Such models can contribute to evaluating gambling theories proposed by economists, as well as yield a better understanding of the gamblers’ behaviors. Our goal is to provide such a parametric model for describing human wagering activities and risk attitude during gambling from empirical gambling logs. However, it is very difficult to obtain gambling logs from traditional casinos, and it is hard to collect large amounts of behavior data in a lab-controlled environment. Therefore in this paper we will focus on analyzing online gambling logs collected from online casinos.

Whereas historically the development of probability theory, which then became the foundation of statistics, was tied to chance games, today we use statistical tools to analyze gamblers’ behaviors.

Recent years have seen an increasing trend of online gambling due to its low barriers to entry, high anonymity and instant payout. For researchers of gambling behaviors, online gambling games present two advantages: simple rules and the availability of large amounts of gambling logs. In addition to the usual forms of gambling games that can be found in traditional casinos, many online casinos also offer 