The long run is different for every one. It's when nothing surprises you, anymore, at which point you've seen enough, or just grown old. Same goes for the universe.Quote: LostWages
I just wanted to enjoy reading a clearer explanation to the "long run" compared to the 2014 post.
Thanks for your insights! While I've seen and experienced many things in only 67 years, I am not yet satisfied that I've "seen enough". Here's to another 10-20 years walking on reasonably steady feet! :-)Quote: InTimeForSpace1
The long run is different for every one. It's when nothing surprises you, anymore, at which point you've seen enough, or just grown old. Same goes for the universe.
EDIT: In other words, not a lot to look forward to.
RS - thanks for a MUCH clearer explanation than what I've been able to gather so far. I am math-challenged and not ready to ask more in equations or formula.Quote: RS
It's different for different games. Some will be the same or similar just by mere coincidence.
Some say the long run is when EV = actual. Of course, you can't calculate a number of rounds to play such that both will be exactly the same since variance exists. Instead, you need to determine how "off" your results can be from EV, and use that figure, as well as how likely you are to be within that range.
Say your Blackjack game is worth $100/hour and a 1% advantage. You can calculate how many rounds you'll need such that you'll have a 99.95% (or whatever degree of certainty you want) chance to be within 2% of your EV (0.98% to 1.02% edge).
It must be how well you described your insight about "long run". OK, I'm now on my looooooooong journey. Have a great week ahead!Quote: RS
That's right -- you got it.
Thanks for a very eloquent and easy-to-follow (not necessarily grasp and understand!) mathematical description. At last, I now know what N0 means! It's been bothering me. I understand a little bit about SD and the bell curve for normal distributions.Quote: Romes
Thus, it's different for everyone because we all live in different areas and have different situations as it comes to not only casinos/games, but also to our personal finances/bankrolls and the risk tolerance we want to play with our spreads/etc.