Understanding casino math

[WhitneyReed]

I happened to come across this today. It's pretty interesting and straight forward, and you're not bombarded with ads for books, software, and online sites while you're reading it.

http://gaming.unlv.edu/casinomath.html

[MPD001]

Nice article. Should be required reading for Keno players.

[onemoretry]

I think excellent is a better description than nice.

Perhaps consideration should be given to awarding an achievement to all those who read the article and can pass a test?

[Minn. Fatz]

Here's the short story:
[quote]Honest games based on good math with positive house advantage minimize the short-term risk and ensure the casino will make money in the long run. Players will get "lucky" in the short term, but that is all part of the grand design. Fluctuations in both directions will occur. We call these fluctuations good luck or bad luck depending on the direction of the fluctuation. There is no such thing as luck. It is all mathematics.[/quote]
(emphasis added)

And the lessons: play the best games using the best strategy and keep your eyes open for "Casino Pricing Mistakes;" Prof. Hannum notes some real doozers.

[FloridaPhil]

[quote=Minn. Fatz]There is no such thing as luck. It is all mathematics.[/quote]I respectfully disagree.  This may be true on paper, but doesn't play out in real life play.  The reason for this is that these formulas are calculated into infinity and don't take into consideration that a player only plays during a small window of that time.  If you are lucky enough to be sitting at the machine when the big hands happen, you win no matter what the math says.  If you do that often enough before you die, you win long term.    If it doesn't happen for you, you lose no matter what your skill or bankroll level.  The world is full of broke gamblers that keep telling themselves that the math is right.  This doesn't mean you ignore the math, but it's not all there is to video poker. 

[OTABILL]

[quote=Minn. Fatz]There is no such thing as luck. It is all mathematics.I respectfully disagree.  This may be true on paper, but doesn't play out in real life play.  The reason for this is that these formulas are calculated into infinity and don't take into consideration that a player only plays during a small window of that time.  If you are lucky enough to be sitting at the machine when the big hands happen, you win no matter what the math says.  If you do that often enough before you die, you win long term.    If it doesn't happen for you, you lose no matter what your skill or bankroll level.  The world is full of broke gamblers that keep telling themselves that the math is right.  This doesn't mean you ignore the math, but it's not all there is to video poker. 

[/QUOTE]

Couldn't agree more. It wouldn't be gambling if luck wasn't involved.

[notes1]

[QUOTE=FloridaPhil]



[quote=Minn. Fatz]There is no such thing as luck. It is all mathematics.I respectfully disagree.  This may be true on paper, but doesn't play out in real life play.  The reason for this is that these formulas are calculated into infinity and don't take into consideration that a player only plays during a small window of that time.  If you are lucky enough to be sitting at the machine when the big hands happen, you win no matter what the math says.  If you do that often enough before you die, you win long term.    If it doesn't happen for you, you lose no matter what your skill or bankroll level.  The world is full of broke gamblers that keep telling themselves that the math is right.  This doesn't mean you ignore the math, but it's not all there is to video poker. 

[/QUOTE]

Couldn't agree more. It wouldn't be gambling if luck wasn't involved. [/QUOTE]
  DITTO! one of the secrets to being financially secure is the same secret to gambling. living within (or below) your means and gambling within your means. 

[OTABILL]

[QUOTE=OTABILL] [QUOTE=FloridaPhil]



[quote=Minn. Fatz]There is no such thing as luck. It is all mathematics.I respectfully disagree.  This may be true on paper, but doesn't play out in real life play.  The reason for this is that these formulas are calculated into infinity and don't take into consideration that a player only plays during a small window of that time.  If you are lucky enough to be sitting at the machine when the big hands happen, you win no matter what the math says.  If you do that often enough before you die, you win long term.    If it doesn't happen for you, you lose no matter what your skill or bankroll level.  The world is full of broke gamblers that keep telling themselves that the math is right.  This doesn't mean you ignore the math, but it's not all there is to video poker. 

[/QUOTE]

Couldn't agree more. It wouldn't be gambling if luck wasn't involved. [/QUOTE]
  DITTO! one of the secrets to being financially secure is the same secret to gambling. living within (or below) your means and gambling within your means. [/QUOTE]

Absolutely. When you look at VP/Gambling as entertainment, like any other form you need to budget and spend (if you are not lucky) within pre-set limits.

[FAA]

When you look at VP/Gambling as entertainment, like any other form you
need to budget and spend (if you are not lucky) within pre set limits.Yes! Only spend what you bring. Pre set limit; never use ATMs. I took $60 yesterday. Won $26 on quarter JOB from a voucher. Proceeded to lose it on dollar JOB, and the $60 to boot, in an hour flat. Was relegated to the bench to read the paper much earlier than I hoped. I did keep a lid on my loss. It was still tough to take. Subsequent visits will find me bringing $20 and sticking with quarter JOB. Adapt and survive. Worse, I returned to the quarter bank two hours later and found that the progressive had reset from $1027 to $1005. Would have been fun to see who hit, if it was at my casino.

[notes1]

When you look at VP/Gambling as entertainment, like any other form you
need to budget and spend (if you are not lucky) within pre set limits.Yes! Only spend what you bring. Pre set limit; never use ATMs. I took $60 yesterday. Won $26 on quarter JOB from a voucher. Proceeded to lose it on dollar JOB, and the $60 to boot, in an hour flat. Was relegated to the bench to read the paper much earlier than I hoped. I did keep a lid on my loss. It was still tough to take. Subsequent visits will find me bringing $20 and sticking with quarter JOB. Adapt and survive. Worse, I returned to the quarter bank two hours later and found that the progressive had reset from $1027 to $1005. Would have been fun to see who hit, if it was at my casino.

  I/M/O, the only mistake you may be making is jumping from quarter to dollar. with such a low loss limit, why not extend your play, by staying at a lower denomination. if you are happy to just play just one hour, so be it. but, many of the posters are looking for ways to extend their play, continue their entertainment, while you seem to be going for the quick-big hit. nothing wrong with that, but it wil more often than not, reduce your time on the machines. good luck.