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Alan Krigman Gaming Guru - Page 36  Good Gamblers Know their Beans about the Casinos7 June 2006
Picture two carnival booths. One has a jar with 11 jellybeans, 10 red and one
green. The other has a jar with 110 jellybeans, 100 red and 10 green. Both tout
chances for $1 to reach in without looking and draw a jellybean. Reds lose, greens
get you a $10 bill. These alternatives can teach a lot about ... (read more)
Does Pascal's Wager Have a Counterpart in Gambling30 May 2006
In 1660, the French philosopher and mathematician, Blaise Pascal, formulated what's
considered an infamous wager. A bet on the existence of God. Absent real proof,
he asserted, four conditions are possible. 1) Bet that God exists and are right,
you gain the infinite reward of eternal bliss. 2) Bet that God exists and are
wrong, you lose nothing. ... (read more)
How Do the Casinos Make Money from Million Dollar Players?23 May 2006
"Casino insider" shows on television seem to portray wealthy gamblers
as idiots. Folks pursued because of the big bucks they're sure to lose. And who
don't mind as long as their new best friends on the casino staff pander to them
brashly enough.
High-limit players do represent good profit potential for the casinos. ... (read more)
Why High-Volatility Games Make Sense for some Low-Limit Bettors17 May 2006
Wins and losses in a casino are ultimately a matter of luck. But the chances associated
with varying degrees of good or poor performance are a matter of mathematics.
And knowing or having well-founded intuition about those chances, as well as how
to manage them to suit your personal preferences, ... (read more)
How Volatility Improves Your Chance of Winning Big10 May 2006
Recreational gambling gets the adrenaline flowing and adds more excitement to
life than alternatives like buying a few rounds at the corner tavern or going
out for dinner and a movie. But not too many solid citizens visit the casino chiefly
for the rush. They go to make money. Typically, to start small ... (read more)
How Bet Size Affects the Chance of Reaching your Win Goal3 May 2006
In "fair" gambles, nobody has an edge and payoffs mirror the odds against
winning. Play such a game repetitively, rather than as a single bet, and the same
sort of relationship governs the shot at hitting a specified revenue target before
depleting a bankroll.
For instance, beginning with ... (read more)
Why Do So Many Gamblers Lose Money at the Casinos?26 April 2006
Ask your friends why they think so many gamblers lose at the casinos. The most
common answers will likely be 1) the odds are with the casinos, 2) almost nobody
bothers learning to play properly before tossing money around, 3) players bet
too high for their bankrolls, and 4) those who get ahead become ... (read more)
Neuroeconomics: Is Gambling Entering a Brave New World?19 April 2006
In classical economics, the laws of probability are presumed to underlie decisions
involving risks and rewards in business and personal affairs. Even without the
background to appreciate let alone do the math, people ought to be able to trade-off
costs and benefits reasonably well. And society as a ... (read more)
Good Gambling Involves more than Going for Broke12 April 2006
Many people think of casino gambling as taking money into their friendly neighborhood
punting palace and playing their favorite game until they hit a jackpot, go belly-up,
or run out of time. The latter, hopefully, at a profit. Even more hopefully, a
profit near the peak they reached during the drill ... (read more)
How Bankroll, Bet Size, and Edge Affect your Staying Power4 April 2006
How many spins can you expect to get on a slot machine with a certain edge or
return percentage, starting with a specific bankroll and bet some amount per try?
There are lots of ways to answer this question. One of the simplest involves averages.
But, a caution. Averages can be misleading unless you understand that while
they're convenient, they're also fictions. ... (read more)
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