FleaStiff
FleaStiff
Joined: Oct 19, 2009
  • Threads: 265
  • Posts: 14484
July 12th, 2011 at 4:34:50 AM permalink
Quote: Ravzar

I once saw a lady win 30-1 three times in 4 hours though for $750 per time... damn her and her non statistical expectation winnings.

Don't feel bad. The Casino loved to see her hit a long-shot so many times in quick succession. Just about everyone at the table started piling on that bet then and continued the habit long after she left.. and continue the habit to this day. Oh, and that lucky lady who did so well with her non-expected winnings. She talked to all her friends about her experience and brought several of them with her the next week. The casino was very happy about that too.
teddys
teddys
Joined: Nov 14, 2009
  • Threads: 150
  • Posts: 5450
July 12th, 2011 at 9:10:14 AM permalink
Quote: PerpetualNewbie

Ding. In a casino, you buy variance with expected value.

Except for craps odds!
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
ThatDonGuy
ThatDonGuy
Joined: Jun 22, 2011
  • Threads: 106
  • Posts: 5148
July 12th, 2011 at 6:05:46 PM permalink
Quote: newbie49

Typical side bet house edge range from 3% to 10% per cent. Some side bet go up to 30%.

Why casino charge such a high per cent? I think >5% is uncalled for? Even at >3% I think is a bit dear.


In Vegas, a significant number of casinos offer a side bet with a house advantage of around 70%, and not only do most people who play the game make the bet, but having it come up when you don't make it is probably considered the ultimate stupid play.

I refer to the "third dollar" on Megabucks slot machines where it does nothing more than activate the progressive. (This assumes that, in fact, most Megabucks machines don't increase any of the other payouts or activate other features (e.g. the Wheel of Fortune "Spin") with the third coin other than the progressive jackpot. Since the other payouts are the same, for all intents and purposes, it is a "side bet."

Assuming that the chance of hitting the jackpot is 1 in 50,000,000 and the jackpot is $15,000,000, the house expects to gain $35,000,000 out of every $50,000,000 bet on just the progressive - a 70% take!

Yet there have been any number of stories (one of which has been documented) about the person who got the three Megabucks symbols but only played one or two coins instead of three. After all, why bother playing a Megabucks machine except for the jackpot?

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