Is EoR Useful?

In an attempt to split off from the OFTM Thread, I pose the above question.

For me EoR is useful in that it provides me an sense of the expected loss on every dollar I wager in a game. I would rather play a game with a 5% HE & a .5% EoR than one with a 5% HE & a 5% EoR. I want to know that when I play the game correctly, the advantage the house has against me on every bet I make, not just the initial bet.

Thanks for splitting this off. There is a good question here, what is EoR good for? Aside from its curiosity factor and its utility to selectively deceive, the only application I know is to odds bets in craps, where the information was previously known. In this case, EoR gives a way for table games staff to determine average bet without having to separate out specific wagers. But craps is a mess -- everyone knows it is a mess -- when it comes to accurate ratings.

To me, EoR has no mathematical value. EoR gives a risk measurement of some sort, with the average bet replacing variance. But, the metric (sd/ev)^2 does the same thing and has valuable applications. It may measure fun in some sense, but fun can't really be quantified. Outside of craps, I have never seen it used in marketing or on-the-floor ratings. In my consulting, I am often explaining mathematical concepts. There is already way too much math for most in the industry. I think "what is it good for?" is a very valid question here.

Casino math has plenty of numbers already. Introducing a new one with no apparent utility seems at best to muddy the waters.

Locking this thread for a few minutes while I attempt to combine/split the topic with the info leading up to it. Please stand by on further posts; link to the consolidated discussion shortly.

Edit: this thread's question and reply have been appended to a split of the full discussion that generated them HERE, and this thread will remain closed to retain the full discussion in a single thread. Thank you!