billryan
billryan
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June 21st, 2021 at 2:45:28 AM permalink
Casinos don't make their money by collecting your losing wagers. They make it by paying you less than true odds when you win. By paying you 35-1 n a wager that should pay 38-1, the house has an edge only the most magnificent gamblers can overcome.
Dieter
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Dieter
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June 21st, 2021 at 3:28:45 AM permalink
Quote: billryan

Casinos don't make their money by collecting your losing wagers.



I'm still trying to wrap my head around that one.
If all the house did was give money away (even at reduced odds), I don't see how they'd make any money at all.

Collecting the even money wager more often than paying the even money wager works too.
May the cards fall in your favor.
tuttigym
tuttigym
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June 21st, 2021 at 3:48:00 PM permalink
MrChump c: In a previous post on another thread you stated that your buy-ins are in the $30-$60 range, so whatever you are stating here has no relevance unless you can provide dollar amounts with real results. Now you are certainly entitled to post whatever you like, but for me there is no credibility in whatever math it is you are pushing. At a full table, 400 PL bets or hands would take hours to accomplish with a very large bank roll for a buy-in. Square roots and SD's will not put enough cash in a players chip tray to survive for any length of time and bankruptcy is the only outcome. Be real.

tuttigym
tuttigym
tuttigym
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June 21st, 2021 at 3:54:52 PM permalink
Mr. Dieter: Thank you for the above post. It made me smile at the simplicity of the thought of playing, cheering, and just having fun with the potential of winning. Playing 1000 sessions would break most players regardless of outcomes.

tuttigym
ChumpChange
ChumpChange
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June 21st, 2021 at 3:59:08 PM permalink
I'd probably buy-in for $100/$200/$400+ at a $5 table, but since the plastic dividers have come down this past week, I haven't been back to see if $5 tables came back. But I'd rather fool around on the Bubble Craps for less money until my dice influencing beats the game and gives me a bigger stake than $30-$60.

At a $5 table, if I buy-in for 10 units to bet on the PL only, that typically lasts me 30 to 90 minutes before I lose it all or double my money.
I'm changing my strategy this year to buy-in for 15 units, and have a backup buy-in, for a total of 30 units; which is about the same amount of money as buying in for 3X 10 unit sessions.

I usually intend to play for 3-5 hours or more. I'm not used to being on my feet so I could really use a comfy bar chair when I'm not shooting (and Bubble Craps has the chair). At this point the casino could keep their $15 tables because the Bubble Craps can handle the lower limit players ($195 on the PL, $390 2X Odds, & $390 Place Bets)
Last edited by: ChumpChange on Jun 21, 2021
billryan
billryan
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June 21st, 2021 at 4:02:05 PM permalink
Quote: Dieter

I'm still trying to wrap my head around that one.
If all the house did was give money away (even at reduced odds), I don't see how they'd make any money at all.

Collecting the even money wager more often than paying the even money wager works too.



Take roulette. If you bet a number, it is one in thirty-eight that it hits. If the casino paid true odds, you'd lose 37 times, win the 38th and be even. but it only pays 35-1 so it is the lack of full pay that gives the casino its edge. I look at it as a tax on each win.
tuttigym
tuttigym
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June 21st, 2021 at 4:06:24 PM permalink
Mr. Ace2 and Mr billryan: There may be 1% of players who get into the weeds and think about "variance" and HE or HA. The rest of the vast majority of "players" gamble to have some fun, enjoy the excitement, and maybe win. By misdirecting ones focus with gambling micro-management is not helpful.

tuttigym
billryan
billryan
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June 21st, 2021 at 4:15:58 PM permalink
Quote: tuttigym

Mr. Ace2 and Mr billryan: There may be 1% of players who get into the weeds and think about "variance" and HE or HA. The rest of the vast majority of "players" gamble to have some fun, enjoy the excitement, and maybe win. By misdirecting ones focus with gambling micro-management is not helpful.

tuttigym



By strange coincidence, that's about the same percentage of people who win.
Dieter
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Dieter
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June 21st, 2021 at 4:49:35 PM permalink
Quote: billryan

Take roulette. If you bet a number, it is one in thirty-eight that it hits. If the casino paid true odds, you'd lose 37 times, win the 38th and be even. but it only pays 35-1 so it is the lack of full pay that gives the casino its edge. I look at it as a tax on each win.



I understand that a win is paid at 95% (well, 36 for 1 on 38) when a loss costs you 100%.
What I'm saying is I'll gladly let you pay 1:100 on a red/black if you push all my losing bets.

In third grade terms, house edge means you lose a little more than you win. That can either be because you lose more often than you win, or the prize for winning is less than your chance of winning compared to the cost of playing, or a mix of both.
May the cards fall in your favor.
tuttigym
tuttigym
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June 21st, 2021 at 6:57:53 PM permalink
Mr. billryan: Really? And you know this how?? Do all the winners check in with you and conversely those who lose stay silent? So I am going to assume that you are a consistent winner and wonder, how do you handle a "choppy" table that is so unpredictable as to defy any "variance"? How about a "cold" table where the HA is so skewed that "establishment" players, such as you ( I am just guessing here), run screaming into the night?

tuttigym

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