Gambling: How much do you bet and how much do you win?

[dessskris]

I don't gamble but I need some information for my maths IA.

how much do you usually pay for a game in the casino? and if you win, how much will you get from them?

if the probability for you to win is 0.4, how much do you think the ratio of cost to payout should be?

and if multiple players are involved, and if there are more than one winners, will the payout be equally divided among them or will they be paid the same amount as when there is one winner?

I'm asking about any kind of gambling. I just want to get the idea in general. thanks a lot!

[ecieee]

I'm not so sure about the mathematical chances, but oh boy i have to tell you a little anecdote!

When my sister turned 18 (legal age for gambling) she went to a casino (of course for the first time in her life) and with her first bet of $10,

she got a jackpot and came back home with $3000. Sweet sweet. For the next two months or so, I saw her shopping crazily.

Guess what I'm gonna do when I turn 18? hahaha nah actually, I'm never lucky.

*Sorry Desy for not helping you! I'm not that mathematical, and I have never been to a casino yet!

Edited August 30, 2011 by ecieee

[Daedalus]

Google is your friend.

In a Casino there are many (many!) forms of gambling. Poker is arguably a game of skill, not luck, and has it's own specific rules, and you play against other players only, with the 'house' taking a rake - typically 10% or thereabouts - of the pot. It's also courtesy to tip the dealer (of the cards) upon winning a larger pot. But again, that's not a game of chance; in the long run professional poker players win a great deal of money, and casual players generally lose.

In blackjack, on the other hand, you play against the house. Look up the rules on Wikipedia -- I've never been interested in this, because as far as I can remember, optimal strategy without counting cards can only give you a 48% stake in the money (for lack of better phrasing), which means in the long run the house's 52% will clean you of your bankroll. Counting cards, which is fiendishly difficult when multiple decks are involved (and is generally impossible to sustain in the long run because of complex surveillance systems involving video cameras, heat sensors, etc.) can raise your edge slightly over the 50% mark, but again, that's not a reliable money making strategy because casinos have high-tech teams constantly searching for card-counters.

Then there's roulette and it's variations, and of course the slot machines, and about a billion forms of gambling that do not involve casinos, like horse-racing, or betting on soccer matches, or betting on the next literature Nobel winner (this does actually exist). Gambling is complex, and the 'house' generally wins regardless of the outcome: for example, if you have Arsenal v Man U match, the odds might be 3:2 for Arsenal to win, and 1:2 for Man U to win, and presumably the house expects the ratio of people betting on one and the other to result in a roughly equal profit regardless of who wins. It's a bit like comparative advantage, really.

For your ee the slot machines are probably a good place to look, but again, with absolutely no knowledge about gambling, apparently not even enough to differentiate its various forms, you should probably choose another topic.

Edited August 30, 2011 by Daedalus

[dessskris]

I know there are A LOT of forms of gambling. I didn't ask for the kind. your damn long post is not helpful at all. you didn't answer any of my questions.

EDIT:

and I had spent hours googling but still can't find an answer. if I had found any I wouldn't ask in this forum.

I only ask about the bet and payout. I'm asking this for a maths IA. I don't fcking care how many types of casino games there are.

Edited August 30, 2011 by Desy Glau

[TurtleR]

I've never been to a casino, nor am I good at math so don't think I can be much help..

I don't know about the first question.

But if the probability of me winning is 40%, then I think I would deserve a little more than the amount I bet. Like for example, if I were to bet 5 dollars on the outcome of a coin toss (50% chance) then I would probably either lose 5 dollars, or gain 5 dollars, so I get the exact amount I bet.

But if there was only a 40% chance of winning, then I would lose less if I lost, and gain more if I won. For example, if I won, I would get 6 dollars. If I lost, I would pay 4 dollars. I don't know how to do the math, but I'd say that the lower the chances of winning, the more the payout is. With something such as 40% chance, then the payout would be a bit more, but not by a lot.

And, if there are multiple winners, my only experience in this is with bets with my friends. It depends on the chance you have winning. This depends more on the gambler, but if you were to bet in something in which it doesnt matter how many people are involved, then each person is paid the same amount as if there was only one winner. Let's say the amount at stake is once again 5 dollars. There's you, and 3 other guys involved. You bet them 5 bucks that you can chug an entire bottle of soda. If you can, then you get 5 bucks from each person. If you can't, then you pay each person 5 bucks, so in the end you spend 15 bucks.

But if its a bet where it DOES matter if multiple people are involved, then the payout is equally divided. This is because the more people involved, the lesser the chance of you winning. For example, if its you and 2 other guys. You bet them that you can finish an entire cake faster than the two of them can finish an entire cake. You bet 20 bucks. If you win, then you get 20 bucks from each of them, getting 40 bucks. If you lose, you pay each of them 10 bucks, so that you lose 20 bucks. If there were 4 people against you, then you would win with 80 bucks, whereas they would win with 5 bucks each. No matter who wins, the losers always end up paying 20 bucks each.

Then again this is just me, it depends on the individual person, some people like to skew the bet in their favour, or the opposite.

[fjooiks]

Winning, of course, is possible, even necessary. Many practitioners have repeatedly proved this to this day, gaining their regular interest on capital. And as a person who has professional relations with this matter, I will say that it is very difficult. Statistics or some kind of superstition are unlikely to help you make a profit with a long-term game.

Edited April 2, 2020 by Sandwich
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