For decades, casino gaming has been steadily increasing in popularity worldwide. Blackjack, among the usual casino table games, is the only one where astute choices of playing strategy can create an advantage for the player. Risk and Reward analyzes the game in depth, pinpointing not just its optimal strategies but also its financial performance, in terms of both expected cash flow and associated risk. This Second Edition begins by laying out the strategies and their performance in a clear, descriptive style. The presentation is self-contained, non-mathematical, and accessible to readers at all levels of playing skill, from novice to expert. Careful attention is also given to simplified but still nearly optimal strategies that are easier to use in a casino environment. Unlike other books in the literature, each aspect of the strategy is derived mathematically, to justify its claim to optimality. The derivations mostly use algebra and calculus, although some require more advanced analysis detailed in appendices. For easier comprehension, formulae are translated into tables and graphs, many of which are linked to interactive versions on the authors website that recompute for each readers choice of playing conditions. Risk and Reward will appeal to everyone interested in blackjack: every player seeking to improve their performance as well as those with training in mathematics and intrigued by its application to a game they enjoy.