Poll

2 votes (40%)
2 votes (40%)
1 vote (20%)

5 members have voted

DrEntropy
DrEntropy
Joined: Nov 13, 2009
  • Threads: 27
  • Posts: 199
April 23rd, 2012 at 6:03:16 PM permalink
Suppose you want to win 300 (or more) starting with 10 dollars. One way to do this is to step up to the craps table and bet 10 on the pass line. If you win, let it ride. If you win 5 times (prob ~0.03%) , you have $320 (including your original 10 dollars of course). House edge on each bet is only 1.41 percent, but the net house edge on the whole wager is higher: 2^5*(244/495)^5 - 1 = 6.8%
If instead you put your money on a single number in roulette, your probability of winning is 2.63% (slightly less) but you win more ($360 dollars including your initial bet) for a (well known) house edge of 5.26%. So if you want to win a lot with a small investment, you might better of placing a single number on roulette then the craps table. On the other hand winning 5 times in a row letting in ride on the craps table sounds like more fun!
"Mathematical expectation has nothing to do with results." (Sklansky, Theory of Poker).
FleaStiff
FleaStiff 
Joined: Oct 19, 2009
  • Threads: 261
  • Posts: 13680
April 23rd, 2012 at 6:27:20 PM permalink
Five times in a row at roulette would be pretty darn fun too!!

A field bet at craps is pretty close in house edge to any bet at roulette.

Drink service at roulette is usually better than at a craps table. Perhaps that is the best deciding factor? Perhaps not.
WongBo
WongBo
Joined: Feb 3, 2012
  • Threads: 62
  • Posts: 2126
April 23rd, 2012 at 6:29:14 PM permalink
single zero european roulette,
outside bets, house edge 1.35%.
In a bet, there is a fool and a thief. - Proverb.
FleaStiff
FleaStiff 
Joined: Oct 19, 2009
  • Threads: 261
  • Posts: 13680
April 23rd, 2012 at 6:31:53 PM permalink
I don't get to Europe often... or high limit rooms in casinos.
WongBo
WongBo
Joined: Feb 3, 2012
  • Threads: 62
  • Posts: 2126
April 23rd, 2012 at 6:38:43 PM permalink
in Atlantic City, the outside bets on double zero wheel only lose half.
house edge 2.73%
In a bet, there is a fool and a thief. - Proverb.

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