Winning with Standard Deviation

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January 10th, 2012 at 10:52:06 AM permalink

MathExtremist

Member since: Aug 31, 2010
Threads: 45
Posts: 2511

Most statistics is based on sampling. However, in Roulette you know the whole population (0, 00, 1, 2, ... 36) and each outcome's probability so you can compute the population mean and variance rather than the sample mean and variance. The formulas are similar; computing the true (population) variance requires dividing by n, not n-1, and you measure the deviates from the population mean rather than the sample mean.

"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice." -- Girolamo Cardano, 1563

March 13th, 2012 at 8:51:58 AM permalink

guido111

Member since: Sep 16, 2010
Threads: 5
Posts: 476

Quote: ybot
DorothyGale, what does it mean that the variance for strait up in roulette is 33.21? French(singlezero) or American roulette?

Sorry, I read wikipedia but it is hard to catch some formulaes.

Is the variance calculated for a certain trials? 33.21 is for 1 trial?

I know that 1 standard deviation is the square root of the variance, but in standard deviation you measure a group of numbers along a sample to check for a abnormal deviaton.

Your post shows your level of understanding. DG's variance is for 1 trial and 1 unit wager. The variance of the wager. Not the sample variance of a population or even the binomial standard deviation.

You should understand these concepts.
expected value
the law of large numbers
the central limit theorem

They are free to study on the web.
But you can still ask questions, it helps us in the learning.

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