sammydv
Joined: Mar 25, 2016
• Posts: 618
July 21st, 2016 at 12:04:37 PM permalink
Quote: MathExtremist

That's why it's important to understand what percentages mean. 98% is the expected payback, not the probability of anything. For a simple example, consider a coin flip with 50% heads and 50% tails. If heads pays 1-to-1 and tails loses the bet, the expected payback is 100%. The only possible payouts are 0% and 200%, however. In the past three sentences I've used four different percentages: 0%, 50%, 100%, and 200%. But they don't all refer to the same concept and it's really important not to confuse them.

Well then, from what I get out of all this ultimately is my original thought on casino odds.
A totally made up advertising, selling concept to keep people confused and under the false belief they have a chance to make money at casino. Molded over the decades of course.

Appreciated all the input from everyone.
billryan
Joined: Nov 2, 2009
• Posts: 13347
July 21st, 2016 at 6:43:34 PM permalink
Just to be sure , what you got out of everyone explaining how your thinking was wrong is that your thinking is correct?
The difference between fiction and reality is that fiction is supposed to make sense.
sammydv
Joined: Mar 25, 2016
• Posts: 618
July 25th, 2016 at 8:03:03 PM permalink
Quote: billryan

Just to be sure , what you got out of everyone explaining how your thinking was wrong is that your thinking is correct?

No. I wasn't concerned about the percentage itself, but how it came to be and who came up with the concept of the need to tell people what I think are deceiving bait and switch at the very least. The percentage stuff was spot on.
And there were some good links to other information.
But I don't think what you're thinking I'm thinking is correct.
Just a thought.

gl