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Alan Krigman Gaming Guru - Page 87  How to Weigh the Risks of Alternate Casino Wagers11 June 1996
Gambling is about taking calculated risks in search of rewards. Although the contributing elements can be identified and evaluated, there's no direct way to calculate what the risks are. Solid citizens find this frustrating when making bets in a casino. Civilians face the same dilemma when making decisions in industry, commerce, academia, politics, and everyday life. ... (read more)
When the Best Game in Town Proved to be Too Good4 June 1996
A few weeks ago, I told you about a casino whose gaming gurus goofed in ordering and operating a keno system. It was a costly gaffe. They gave big bucks away to a solid citizen who found out the computer was picking the same random numbers every day. OK, you say. Casinos shouldn't have to know the nitty gritty of computers. ... (read more)
Probabilities, Not Casino Bosses, Control the Poker Machines28 May 1996
I talked to a sweet old lady in a casino lounge last week. She: I don't play the poker machines any more. Me: Why not? She: They always give you cards you don't want. Me: Which 'they' do you mean? She: The casino bosses who control these things. Trying to set the record straight, I began to explain ... (read more)
Players Aren't the Only Gamblers Who Defeat Themselves21 May 1996
Maybe you've read or heard about the math whiz who racked-up several big keno scores, after using chaos theory to look for patterns in piles of previous results. The player won a lot of money, legally, before the casino pulled the plug on the game. It happened. But, little - if anything - in the gaming world is quite as it seems. ... (read more)
Hedging Bets Levels the Ride but Cuts Profit Potential14 May 1996
Nobody really wants to buy automobile, home, health, or other insurance. These hedges against risk are expensive. But their price is low relative to the perils they cover. Finding the cash to pay the premiums is one thing, paying the costs associated with car crashes, house fires, and hospitalization is another. ... (read more)
Law of Averages Repealed; Casino Players Win and Lose7 May 1996
You flip coins for a buck a shot with your chums. You figure it's a harmless pastime because the law of averages says you'll come out even over a long period. Being a good scout, though, you keep records for tax purposes and find, after 5,000 flips, you're $50 - maybe $100 - ahead. You also relish the casino experience and are a frequent patron. ... (read more)
Slot Machines Are Programmed, But Not Like You May Think30 April 1996
You're right if you think slot machines are programmed to do certain things. Wrong if you think those things are even vaguely like deciding it's time for a jackpot, holding back because folks have been winning, or producing some near-misses to coax more cash from a player's fanny pack when the credit meter runs low. ... (read more)
In Blackjack, Optimum Play Varies with House Rules23 April 1996
Versions of basic strategy, the rules governing optimum blackjack play, differ slightly among reference sources. This doesn't mean experts disagree on the best decisions for specific circumstances. Or factors beyond well-known laws of probability influence chances of winning with a particular hand against a certain dealer upcard. ... (read more)
Second Guessing May Help Your Attitude, But not Your Chances2 April 1996
You've been at a slot machine for a while and it's been cold, cold, cold. You're not ready to pack up. Should you stay where you are because it's bound to improve? Or, move across the aisle where the slots look hotter? You've been betting on the pass line and the inside numbers at a craps table for a while and it's been cold, cold, cold. ... (read more)
The More You Try Winning, The More You Risk Losing26 March 1996
Everybody wants to bag a bundle in the casino. Nobody wants to go broke trying. The trouble is, the forces behind these objectives are at cross-purposes to each other. Conventional wisdom says that too high an upside goal is risky because of the house advantage on the action. The argument goes something ... (read more)
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