Baccarat, an age-old classic that spans from California card rooms to Monaco casinos, enthralls players from diverse cultural and ethnic backgrounds with its timeless appeal.

Popularity of baccarat has steadily grown over time, as more casino gambling establishments across the globe begin offering it. Furthermore, due to its elegance and exclusivity it has even been used in several movies – most notably Sean Connery playing it during one scene from James Bond series films.

Baccarat is a straightforward game to understand, with straightforward rules: bet either on the player or banker hand to win, with nine being the closest number; any tie counts as two points instead of one; its origin dates back to Italy in the 1400s with its Chemin de Fer version becoming popular across France by 1786 and eventually reaching Britain where aristocratic circles adopted it for their use; today baccarat remains an engaging casino game across Europe and Asia.

This study marked a groundbreaking effort to quantitatively analyze baccarat betting behavior and its underlying beliefs using real casino data. Our results consistently demonstrated that customers tend to bet on outcomes which have recently occurred, which increases with streak length. While this aligns with the hot outcome fallacy theory, additional factors unique to baccarat could also play a part – such as other players at tables and stimulating casino environments.

This study conducted an analysis of wagers and outcomes of 17,970,830 baccarat games played by 6625 customers (5692 men and 933 women). Customers were included if they placed over 70 bets on any given day at one or more tables or visited at least three times within one week; data for both studies were divided so as to enable future validation of results, while stringent anonymization ensured customer privacy was maintained.