Lucky Number Lotto side bet for Roulette

Having spent the morning lazily watching the snooker and reading about Dave's PFR, I thought I'd have a bash at a roulette side bet. I envisage this bet ONLY being available for roulette touch bet terminals, FOBTs, online roulette and the like - for reasons of convenience, speed and workability. You pay your £1 and pick your Lucky Number. Got to be 29BLACK for me. I now need 29 to hit in the next three spins.

29 hits once in the next three spins I win £5.

29 hits twice in the next three spins I win £100.

29 hits three times in the next three spins I win £10,000.

PAYOUT PERCENTAGE = 80.52%

As a punter I like that I have interest in the next three spins for a measly £1. Being a glass half-full type of guy, I'm fully expecting a ten grand return on my investment - sweet. Dislikes - that I'm paying twenty pence for the pleasure of being a poor, deluded fool.

Discuss.

PS - Try not to be too harsh in your criticism, I'm a sensitive soul and it's half an hour's work.

PPS - Is the Maths correct based on single zero wheel?

a) There's a more complicated bet just like this in the works
https://wizardofvegas.com/forum/gaming-business/game-inventors/3259-poker-for-roulette-side-bet/

b) It's very difficult to track bets over multiple spins without some hardware (see (a))

c) how are you going to let individual people pick their numbers? Hardware gets more expensive.

d) You can parlay manually and get a better return. Bet $1, if you win, bet $30, if you win bet $980. Payouts are $5, $100, and $35280.

So, you will need a system to track the bets, and you need a better payout scheme.

Quote: dwheatley

So, you will need a system to track the bets, and you need a better payout scheme.

The OP does say it would be offered in electronic type games.

But it does sound reminescent of DJ's "hit it again roulette" bet.

I did gloss right over that. So no hardware. But points (a) and, more importantly, (d) still stand.

As I said earlier, it's a half hour jobby whilst watching the snooker. Looking at it again, it is a marriage of Dave's Hit-It-Again and PFR insofar as it's the roulette player's favourite number punt of the former, combined with the bet being live for all spins of the latter.

Not so sure as to your second point on parlaying as, 1/ The players to whom you're marketing such a bet aren't all so mathematically astute as yourself and 2/ The parlaying bet is dependent on outcome of sequential spins, starting with the first.

This is all about the marketing of a series of roulette spins as a lottery ticket, a pastime with which the vast majority of Joe Public are familiar.

You could have terminals in the casino which printed out lottery style tickets, e.g. Number 29 - £1 - Table 1 - Spins 1 to 3, Number 11 - £10 - Table 2 - Spins 1 to 3 thru 10 to 12.

Table 1 result - 33, 20, 29. Take your ticket to cash desk and get is scanned, receiving £5.

Table 2 result - 12, 0, 31, 15, 15, 2, 23, 11, 7, 11, 16, 21. Take your ticket to the cash desk, receiving £120.

Thoughts?

PS - Snooker's exciting but looks like my bet is going down :- (

PPS - I've thrown the lottery ticket out there for purposes of discussion, though I was in the first instance thinking virtual/FOBTs only(as Nareed stated).

AMENDED PAYTABLE

Chosen number hits once in the next three spins I win £7. (Now only shaving 4 points off 'true odds', well ok 5.)

Chosen number hits twice in the next three spins I win £70. (Happens to be 2*35 for the uninitiated.)

Chosen number hits three times in the next three spins I win £7,000. (Still a tasty proposition for a £1 bet.)

PAYOUT PERCENTAGE = 84%

Terminal graphics market it as a lottery style ticket. Thoughts?

Quote: THESWEENEY

PPS - Is the Maths correct based on single zero wheel?

Either I'm having a braino, Excel is misbehaving , or you have a math error or 2. What are you getting for the probability of 0, 1, 2, and 3 hits?

Quote: miplet

Either I'm having a braino, Excel is misbehaving , or you have a math error or 2. What are you getting for the probability of 0, 1, 2, and 3 hits?

0 hits .92311
1 hit .074847
2 hits .0020229
3 hits .00001822

.074847 x 7 = .52409
.0020229 x 70 = .14160
.00001822 x 7000 = .12754

total = .79323, or house edge of between 20 and 21%

Quote: SOOPOO

0 hits .92311
1 hit .074847
2 hits .0020229
3 hits .00001822

.074847 x 7 = .52409
.0020229 x 70 = .14160
.00001822 x 7000 = .12754

total = .79323, or house edge of between 20 and 21%

My figures are for European wheel with 37 numbers. Are yours? I do mine on the back on an envelope, so I'll sit down and have another look at them. Never used Excel, need to learn how to use it ASAP. Have just ordered Master Math: Probability (Master Math Series) by Catherine A. Gorini - if anyone can suggest any other books that might help I'd be most appreciative.

Once - 3997*7=27979, Twice - 108*70=7560, Thrice - 1*7000=7000

27979+7560+7000=42539

37*37*37=50653

(42539/50653)*100=83.98%

Like I said on the back of an envelope whilst watching the snooker, so if they're wrong I wouldn't be too surprised. Anyway, I'm off to Youtube to watch some Excel tutorials.

Mine was American wheel 38 numbers

Quote: THESWEENEY

Once - 3997*7=27979, Twice - 108*70=7560, Thrice - 1*7000=7000

27979+7560+7000=42539

37*37*37=50653

(42539/50653)*100=83.98%

Like I said on the back of an envelope whilst watching the snooker, so if they're wrong I wouldn't be too surprised. Anyway, I'm off to Youtube to watch some Excel tutorials.

Once is 3888 * 7 = 27216

Quote: miplet

Once is 3888 * 7 = 27216

Yep, I stand corrected. 82.47%

Yes, it DOES sound a lot like my Hit It Again idea.

The cool thing about this is that it enables the player to circumvent the max bet limit. IE someone who paylays will do better until the get to the table limit. News flash: the typical gambler would not do a full value parlay. And despite all those photos of smiling jackpot winners, casinos really don't like to let go of a lot of cash all at once.

Do yourself a favor and read the history page on my HIA site:
http://www.hit-it-again-roulette.com/history.html

Quote: DJTeddyBear

Yes, it DOES sound a lot like my Hit It Again idea.

The cool thing about this is that it enables the player to circumvent the max bet limit. IE someone who paylays will do better until the get to the table limit. News flash: the typical gambler would not do a full value parlay. And despite all those photos of smiling jackpot winners, casinos really don't like to let go of a lot of cash all at once.

Do yourself a favor and read the history page on my HIA site:
http://www.hit-it-again-roulette.com/history.html

To be honest, it was just an academic exercise and not something I'm looking at developing. I have a couple of roulette bets that I might look at and, should I get provisionals, will post them here for your appraisal.