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Old 2012-04-09, 23:00   Link #1
InitialGT
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Join Date: Dec 2005
Odds of winning in gambling

So, I've started to gamble and odds are in favour of the house.

Winning the lottery is almost impossible but what about games like roulette and casino type games with better odds but statistically a loss over the long run.

I was playing roulette and I bet $50 on black and won a payout of 1:1. Would it be better to bet $25 with odds of winning ~25% and a payout of 2:1?

Or let's say you bet $100 on a single number with odds of winning 1/36 betting 36times totally $3600

or just bet one time $3600 with 1/2 odds of winning

Anything about gambling on this thread
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Old 2012-04-09, 23:19   Link #2
Solace
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Odds are based on probability. When you flip a coin, you have a 50 percent chance each flip to land head or tails. Note the "each flip" part, that's the kicker. If you flip the coin 10 times, you could get ten heads, ten tails, five heads and five tails, etc. So you need to figure out the probability that your call will result in what you hope for.

In the case of coin flipping, the probability is always the same: 50/50. If you were to flip the coin ten times, you will probably get tails at least once. It would be very unlikely to flip the coin ten times and get the same side each time. This is why gambling always favors the house, because not only are you typically betting against the game, you are usually betting against other players too. For something like slots, you don't have other players to compete against but you do have a very high number of combinations that complicate the odds of winning. Note that lottery numbers are often six digits, much like a computer password or physical lock. This is designed to prevent high payouts from being common. The odds someone will hit every single number are extremely low.

The golden rule in gambling is that the more factors play into a bet, the greater the chance to lose. It's math, essentially, which is why casinos keep careful watches on tables to ensure people who figure out odds quickly don't stick around very long.
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Old 2012-04-09, 23:59   Link #3
erneiz_hyde
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Wasn't there a thread about gambling before?

Oh wait, that one's about playing in a Casino.

Well, from what I get from that thread, another golden rule is set a limit amount you're spending in one session. Leave your wallet behind and only bring the required amount if need be. If you have a set limit, imo it is up to your preferred playstyle.

Apparently there is also the misconception that "if you keep losing, your chance of winning goes up" which is wrong because each coin toss (or gamble) is a separate event from the previous one. So even if you do the game with 1/36 odds of winning 36 times, your chance of winning (in itself) is still bigger if you bet in the 1/2 odds.
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Old 2012-04-10, 00:42   Link #4
Ithekro
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if I remember correctly, Pinochle has the best odds. So good they stopped playing it in casino. After that the best odds are Blackjack from what I remember.
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Old 2012-04-10, 03:15   Link #5
Kafriel
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Join Date: Jan 2009
Location: Athens (GMT+2)
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Quote:
I was playing roulette and I bet $50 on black and won a payout of 1:1. Would it be better to bet $25 with odds of winning ~25% and a payout of 2:1?
Yes. The more time you spend on it, the more you can see how it works and bet accordingly.
While I've played a few games, I can only speak with certainty for the roulette. Each one has a set of numbers they favor, so if you play low for a while and see how it works, you can increase your chances of winning by a lot.

Example: my usual roulette favors 8,11,13,14,17,21,24,26,32 and 35. That's 10/36 numbers that I would consider betting on;not on each one individually, but on cases that include them. Another solid bet is waiting on one of them and using row bets along with colour: top+black or mid+red, because middle row has the most blacks on the board, so by betting on that and whatever reds are left, your chances of losing go down to eleven numbers. The thing is, out of all these numbers, only 13 has a high appearance frequency, so for that roulette, it's a pretty safe bet.

A friend of mine was playing on another machine, which gave 26,27,26,27,26,27. I don't know what are the chances of this happening, but he placed four individual bets and won them all :P

So far I've played three times: the first time I stopped at twice my entry (40€), the second time I got super-lucky on waiting two 0s and a 14 (220€). It was enough to pay my expenses for ~3 months and buy Christmas presents to everyone Third time I lost my entry bet at the roulette (I did use another one, and didn't spend as much time as I would have liked) but I lucked out at the slots with a triple 7 (40€).

My last and most important piece of advice is, always play at night when the place is packed. The more people bet, the more money you can win. Because the house always wins, so you might as well get some of the placed money. I was told this by a senior gambler, who had been frequenting the place ever since it was built, around 34 years ago.
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