Why are craps house percentages expressed deceptively - even by the Wizard???
August 28th, 2011 at 6:14:57 PM
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A $5 place bet on the 4 or 10 pays $9 instead of the true odds payout of $10. The casino is keeping 10%, by common sense arithmetic!! By what sort of logic does the 6.66% ($9 payout + $5 bet = $14 instead of the true odds total of $15) make any sense except to deceive the player by underestimating the house percentage? This really irritates me. You didn't win $l4, you won only $9, and the casino kept a dollar. Sheesh!
August 28th, 2011 at 6:29:13 PM
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Quote: riverbedA $5 place bet on the 4 or 10 pays $9 instead of the true odds payout of $10. The casino is keeping 10%, by common sense arithmetic!! By what sort of logic does the 6.66% ($9 payout + $5 bet = $14 instead of the true odds total of $15) make any sense except to deceive the player by underestimating the house percentage? This really irritates me. You didn't win $l4, you won only $9, and the casino kept a dollar. Sheesh!
(1/3)*9 + (2/3)*(-5) = -1/3
(-1/3)/5 = -1/15 = -6.67%
6.67% looks right to me.
August 28th, 2011 at 6:56:22 PM
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Expectation (house edge) has two components -- value and probability. You're only focusing on the first.
The casino keeps the $1 as their edge, and while that's 10% of what you should have won in a fair game, it's also 20% of what you bet. But that only happens when you win, which is 1/3 of the time -- the other 2/3 of the time you lose all of your bet.
20% of 1/3 is 6.67%.
The casino keeps the $1 as their edge, and while that's 10% of what you should have won in a fair game, it's also 20% of what you bet. But that only happens when you win, which is 1/3 of the time -- the other 2/3 of the time you lose all of your bet.
20% of 1/3 is 6.67%.
"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice."
-- Girolamo Cardano, 1563
August 28th, 2011 at 6:58:56 PM
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JC -
I wouldn't question anyone's math, particularly if it agrees with the number the Wizard has posted, but could you re-do that formula and explain each of those calculations?
Edit:
MathExtremist provided a good explanation. Thanks.
I wouldn't question anyone's math, particularly if it agrees with the number the Wizard has posted, but could you re-do that formula and explain each of those calculations?
Edit:
MathExtremist provided a good explanation. Thanks.
I invented a few casino games. Info:
http://www.DaveMillerGaming.com/ —————————————————————————————————————
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
August 28th, 2011 at 8:18:43 PM
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Thank you. This concept (house edge) is clear to me now.
August 29th, 2011 at 9:23:15 AM
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Quote: DJTeddyBearJC -
I wouldn't question anyone's math, particularly if it agrees with the number the Wizard has posted, but could you re-do that formula and explain each of those calculations?
Edit:
MathExtremist provided a good explanation. Thanks.
Yeah I just quickly threw the numbers up there. It's not much help if you don't understand what they represent. ME explained it well.
August 29th, 2011 at 9:57:30 AM
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removed
silly
silly
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