24Bingo
24Bingo
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May 3rd, 2014 at 9:38:45 AM permalink
Quote: Mission146

The House Edge on Let it Ride is 3.51%, except, if the Minimum is $5, then you must bet $15 initially. Your expected loss on $15 is $0.5265, making Let it Ride a terrible game.



It doesn't work like that. The house edge, at least as the Wizard calculates it, is per bet (scroll down to "Analysis" and you'll see). Your expected loss on that $15 is 16.5¢.
The trick to poker is learning not to beat yourself up for your mistakes too much, and certainly not too little, but just the right amount.
Mission146
Mission146
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May 3rd, 2014 at 1:07:58 PM permalink
Even worse, then.
Vultures can't be choosers.
tringlomane
tringlomane
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May 3rd, 2014 at 2:02:06 PM permalink
Quote: Mission146

Even worse, then.



How is losing 16.5 cents per hand worse than losing 52.7 cents per hand? lol
Mission146
Mission146
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May 3rd, 2014 at 3:30:13 PM permalink
Quote: tringlomane

How is losing 16.5 cents per hand worse than losing 52.7 cents per hand? lol



Oh, sorry! I glanced back at my quoted post and read it as 5.2 cents, for some reason. I'm a bit tired, I'm one of those sleep 10 hours in four days kicks. Tomorrow night will be some good sleeping, I think.
Vultures can't be choosers.
24Bingo
24Bingo
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May 3rd, 2014 at 3:31:50 PM permalink
...5.2 cents on $15 would actually be a pretty good Blackjack game.
The trick to poker is learning not to beat yourself up for your mistakes too much, and certainly not too little, but just the right amount.
Mosca
Mosca
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May 3rd, 2014 at 5:09:36 PM permalink
As someone who plays LiR occasionally, it's not so much that it is a good bet or a bad bet so much that if you aren't getting the hands it's really boring. 3 Card, you get K/J/x you have a bet. It's not a great bet, but it might win. LiR, you get K/J/x you probably got nothin', and you're scratching the felt. That's why I say buy in for $100 or $200 and see what happens. If you crash and burn, walk. But if you get some nice hands, stick around and see what happens.
NO KILL I
Gialmere
Gialmere
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November 27th, 2018 at 9:54:25 PM permalink
I'm kind of confused about the different optimal betting strategies for Let it Ride and Mississippi stud. Both games have 5 cards right? Suppose in MS you are dealt a high and a low card (say a king and a 5). Your point count is now 2 which is good enough for a x1 wager on third street. If the first community card is another five, your low pair is good enough for a x1 wager on both 4th and 5th streets. Now suppose you're playing LiR and your 3-card deal is a king and 2 fives. Suddenly, as if by (math) magic, this is a bad hand and you need to pull your #1 wager back. And if the first community card is no help, you need to pull your #2 wager as well. What am I missing? Is it the pay tables? Is it MS has a large middle card push spread? Inquiring non-mathematician minds want to know.
Have you tried 22 tonight? I said 22.
beachbumbabs
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beachbumbabs
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Mission146
November 28th, 2018 at 4:54:33 AM permalink
Quote: Gialmere

I'm kind of confused about the different optimal betting strategies for Let it Ride and Mississippi stud. Both games have 5 cards right? Suppose in MS you are dealt a high and a low card (say a king and a 5). Your point count is now 2 which is good enough for a x1 wager on third street. If the first community card is another five, your low pair is good enough for a x1 wager on both 4th and 5th streets. Now suppose you're playing LiR and your 3-card deal is a king and 2 fives. Suddenly, as if by (math) magic, this is a bad hand and you need to pull your #1 wager back. And if the first community card is no help, you need to pull your #2 wager as well. What am I missing? Is it the pay tables? Is it MS has a large middle card push spread? Inquiring non-mathematician minds want to know.



It has to do with the potential pays of the two games and the math. In the long run, because

1) the dealer has 3 cards hidden in MS
2) you must fold if you do not bet each street
3) the bet is not lost at pair-6 or better
4) the payable is different

The math says to play at both points.

In LIR, you

1) already know 3 cards before you decide
2) can remain in but lessen your bet on a bad hand
3) don't win until pair-10 or better

A small pair isn't worth the risk of leaving your first bet up there, nor your 2nd if the dealer's first card doesn't improve your hand.

Of those, I would say a forced fold and loss of ante in MS is the biggest reason for the difference.
"Man Babes" #AxelFabulous
KevinAA
KevinAA
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January 23rd, 2019 at 7:40:55 PM permalink
The last time I played Let It Ride, I got 3 of a kind on my first hand. I cashed out and left (quickest visit to LiR obviously). I wish I had made the side bet!
Mission146
Mission146
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beachbumbabs
January 24th, 2019 at 5:25:47 AM permalink
The explanation provided by BeachBumBabs is correct and excellent. Just to add to it slightly:

Let it Ride: The only question here is whether or not the bet that you are taking back or leaving out has a positive expected value. In the hand K55, whether you expect a return of 100%+ to leave the bet out there, and you donít. In the meantime, your base bet is unaffected. Your base bet remains out there even in a hand like 9-3-6-5 mixed suits, even though the hand itself is dead. On a $5 table, the $5 at that decision point (ignoring other bets) needs to have a value of $5+ to justify leaving it out there.

Mississippi Stud: With a $5 Table, you already have $10 out there by the time you come to know the hand is K55. If you fold, you are guaranteed to lose $10. Therefore, to throw out another $5, all you need is for the sum of your bets (read: all $15) to have an expected return greater than $5 or 33.34%. The overall return just needs to be better than being guaranteed to lose $10.

Thatís why I donít really get how people play MS, except they like Variance and the ability to do the 3x bets. You can win or lose a lot very quickly. To me, it seems like you have to chase a lot of trash hands, though.
Vultures can't be choosers.

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