Gaming Gurus: Strategy Expert Article Archive - Page 561

Do regulators audit the return percentages on slots?

Hi John, I've really learned a lot from your articles. Do regulators audit the return percentage on slots? What are the formulas they would use to calculate that - something like a statistical hypothesis test? Thanks, Mary Dear Mary, Thanks for the kind words about my articles. Yes, regulators do audit the performance of slot machines to ensure that the amount of money they have returned to their players falls within a range calculated from the amount of play the machines have received. You can find the formulas in either edition of Kilby and Fox's Casino Operations Management...read more

If Kenny got it right, it must be easy

Dear Mark: What do you think is the most important decision recreational Texas Hold'em players have to make to be successful at the game? Is it what limit to play on, playing tight versus loose, something else? Andy I. Poker is a unique game in that it allows you to use the laws of probability to maximize the value of your decisions...read more

Top-10 gambling buffet items

10.) Dinner rolls This classic meal starter makes the list just for being as reliable as Old Faithful. Often served in a basket with those little delightful plastic butter cups, dinner rolls are a must at any gambling buffet, but don't eat too many, far better items deserve your attention...read more

Blackjack Insurance 101: Do You Understand It?

The next time you take Insurance when playing blackjack, ask yourself, "Exactly why am I doing this?" Are you doing it to guarantee yourself a winner when you have blackjack yourself (taking even money)? That's not a good reason! Are you doing it to avoid losing money on a good hand, like 20? That's not a good reason either! Well then, what would be a good reason to take Insurance? There is only one...read more

The ups and downs of controlled shooting

The past 12 months have seen me stride the earth as a god of dice control. I had many big hands in my 68 visits to the casinos, the most epic being an 89-hand roll in December 2004 that has been written about by several witnesses. The past 12 months has also seen me go over the 50-roll mark another five times...read more

Majestic Star Bucks the Odds vs. Fierce Competition

The footprint of the Greater Northwest Indiana gaming market is growing bigger and more formidable with new developments and expansion. Horseshoe Hammond will open a spacious new $465 million facility next summer; later this year Ameristar Casinos will take over Resorts East Chicago; last year Blue Chip unveiled a spectacular new gaming vessel and next year will celebrate the grand opening of a new luxury hotel in Michigan City; last month the land-based Four Winds Casino Resort opened to rave reviews in New Buffalo, Michigan. How does all of this impact the Majestic Star Casinos in Gary? In the wake of expansion into a twin-vessel operation with the December 2005 acquisition of its Buffington Harbor neighbor, the Trump Casino & Hotel, Majestic Star president, chairman and CEO, Don H...read more

Past results have no effect on future outcomes

For about a lifetime now, I've been telling gamblers that in most games, past results have no effect on future outcomes. (Blackjack is an exception, since each card dealt out changes the composition of the remaining deck, altering the odds of the game.) The roulette ball has landed on eight black numbers in a row? The chances of the next one being black are still 18 in 38...read more

Does the number of coins I play affect the outcome?

From the middle of March till the end of March I was hitting quite often on the slots. Then after the first of April they went very cold and I was hitting nothing at all. Thinking as an accountant I think they had to have their first quarter of the year at a certain level...read more

Playing it smart - Expected utility and the law of diminishing returns

"Expected value" is the textbook measure of the quality of a gamble. For each possible outcome, multiply the probability by what you'd have at the end, and sum the products. The result is the "expected value" of the bet. How far this is above or below the bet tells you whether it's good, bad, or indifferent...read more

Crappy craps in Costa Rica

Frank: Just wanted to update you on some craps outside the US. I was in Costa Rica for three weeks, and played some dice at a casino in San Jose, the capital city. I suffered my first loss in a long time, about $2000. The betting limits were horrible, as were the odds. The low bet was 5$, which was OK, but the high bet was $200, which is really poor...read more