Negative Expectation/Long run is true in theory but not practical in application. Casinos have to have some form of compensation for running the games, that is where the negative expectation comes in. Casinos are the long run because they book every bet on every roll 24/7. Casinos could offer bets at true odds and players would still lose because they are under capitalized and lack discipline. Look at the revenues from gaming, do they correlate to the negative expectation? No, they far exceed it. Players play in the short run and to most, a win is never enough and eventually ends up going back to the other side of the table with their buy in. I see it all the time. Just my opinion and I may be wrong.
I think that's a pretty astute comment.
It wasn't astute at all. Rather, it was flat out wrong. That the casino has the bigger bankroll has nothing to do with it. The reason the casino usually wins is mostly the house edge and to a lesser degree player errors in games of strategy.
Ok. I read it to say what you just said, the -ev exists on virtually every bet and is always working. Maybe I read too fast.
Sorry pal, but it applies to each and every roll and that makes it very practical indeed, Yes the casino goes 24/7. Yes they have a big bankroll. So what? No dice crew will ever say 'let him use crooked dice' its only short term.Quote: Hozdaddy
Negative Expectation/Long run is true in theory but not practical in application..