Casinos make money by calculating the probability of each possible outcome in a round of bets and setting aside a certain "water level" for themselves.【Ways to Make Money Online】
Casinos make money by calculating the probability of each possible outcome in a round of bets and setting aside a certain "water level" for themselves.
The American roulette wheel common in casinos has 38 numbers, each of which has an equal probability of being selected. The bet is usually placed on a certain number, if the roulette output value is equal to this number, then the bettor can get 35 times the amount of the bet; If the output value is different from the bet number, the bet is lost.
Taking into account all 38 possible outcomes, betting $1 on a number gives an expected profit of: "1/38 chance of winning, gain $35", plus "37/38 chance of losing, lose $1", which equals approximately -0.0526.
That is, the expected value of a $1 bet on American Roulette is -0.0526. In other words, according to the principle of the law of large numbers, if the player plays enough times, on average, for every $1 bet, he will lose $0.0526.
Casinos receive a large number of players every day, each player will play several games, which provides a natural "law of large numbers environment". For the player, for all the games in the casino, the expected value is negative.【BlackJack Games,lottery,make money,】
