Double winnings on first win
March 9th, 2020 at 9:19:57 AM
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A casino is promoting some of their slot games by offering a one time doubling of the winnings up to $20.
So if you spin $10 and win $50 you get $20 extra cash voucher.
$10 spin and you win $10 you get $10 extra, etc
A very rough estimation of the EV gives me:
50% chance of winning something (min. win at $10 spin is $20)
House edge 5%
So average wagering $20 x5% HE= $19 expected value
Is this the correct way of calculating this?
So if you spin $10 and win $50 you get $20 extra cash voucher.
$10 spin and you win $10 you get $10 extra, etc
A very rough estimation of the EV gives me:
50% chance of winning something (min. win at $10 spin is $20)
House edge 5%
So average wagering $20 x5% HE= $19 expected value
Is this the correct way of calculating this?
