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NOTE: use Perl; is on undef hiatus. You can read content, but you can't post it. More info will be forthcoming forthcomingly.

All the Perl that's Practical to Extract and Report

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  • "Some video poker machines pay out better than 100% return on max bet."

    How can that work for the casinos? Wouldn't it just happen that as fluctuations put one bettor out of business, another one takes their place and eventually breaks the bank?

    • No, because most betters will run out of money before they hit the "jackpot"... which, in the case of video poker, is a royal flush.

      If the payout were over 100% and the only hand that mattered was two of a kind, jacks or better, then you could sit there and make money with very little risk, but the fact that it takes a long time (and a lot of money) to hit the royal flush bankrupts people first.

      -scott

      • Hum, I still do not see it. If the average return expectation on a bet is more than 1, and a bettor goes broke but a new bettor steps in, then the house should go broke- or, at least the average house should go broke. It may be that a royal flush only occurs on average every billion bets, and that might take thousands of years on average, but perhaps one in 10 thousand times, it happens this year, and that house goes very broke.

        I still doubt that the average return expectation is greater than 1. Can I check the calculation?

        • Yes, go check the calculation. If I wanted to blog about the math, I'd have done so. Go read Poker player's guides, the ones that I mentioned. I didn't repeat all of that here either. I just meant to mention the phenomenon, not sell you on it. I wanted to make an analogy that in retrospect seems dumb.

          If you can't find citations (and they're easy to find, according to me), then you're wasting your time talking to me. If you did find citations...

          If you look at all casino patrons at as one logical entity

          • I enjoyed "Beat the Dealer" by Edward Thorp, especially chapter 4 that deals with this situation of the statistics of bet size and bankroll to expected profit or bankruptcy.