Abstract
This paper describes the adaptation and use of the Monopoly® board game as a simple simulator to help introduce the principles of probability and risk. It can be used across a range of programmes from undergraduate to postgraduate studies and executive training and offers a new approach to teaching probability and risk with dice to produce a collaborative simulated gaming environment. It allows students to be actively involved in developing the probability of throwing dice numbers and analyses risk and decision making in a competitive environment. Concluding with a probability analysis technique, it allows the student to reflect on formal and informal approaches to decision-making in risk environments and helps build communication for discussion, collaborative learning and self-analysis among students.