gambling probability
gambling probability
Probability with gambling?
You are offered an opportunity to play a game with payoffs of $ 50, $ 5, and $ 1.
You have to pay $ 3 to play the game. The rules states that the probabilities for the pay-offs are as shown in the table below.
(a) Complete the table, recalling that this is a probability model.
Dollar Results Win 50 Win 5 Win 1 Lose 3
Probability 0.005 0.1 0.55 ?
(b) Calculate your expected value in this game.
(c) How much do you expect to win or lose after 1000 plays?
Use a + to indicate winnings and – to indicating losses.
i disagree with borg since he deducted the initial wager from the amount won, which alters the definition of the amount won. His math is spot on but since the amount won coudl be questioned the numbers may be innaccurate. I will provide the alternate answers based on a more casino like interpretation of the payouts.
A. the probibility of a loss fills in all remaining events which will occur at a frequency of [1-(0.005+0.1+0.55)]=0.345
B. On average per bet you will gain/lose is the sum of all payouts times their frequency.
+0.005X50=0.25
+5X0.1=0.5
+1X0.55=0.55
-3X0.345=-1.035
sum=$0.265
At this point we have now realised that the ev since on avreage we will get back our 3 dollar bet plus 0.265. the total return for each bet is now 3.265 so to get the EV you woudl divide 3.265 by the amoutn bet of 3 and you get 3.265/3=1.088
*****in percent your EV is +8.8%****
C. To calulate expected loss/gain you just multiply the EV time the total amount wagered, in this case 1000bets times 3 dollars times +8.8% for the amoutn ****gained or lossed*** not the average total amount on hand after wagering.
It would be 1000x3x0.088= +264 dollars
gambling probability
How To Control Your Gambling Cravings
Before you can begin to move forward to control your gambling cravings you must first be honest with yourself and admit that you do in fact have a gambling problem. This is the first and probably the most important step, admitting to yourself that you have a gambling problem. Once you have accepted this fact you can then start taking positive action to control your gambling cravings. One thing you should do is start changing your regular routine, for instance if you know that you are accustomed logging onto the internet at a certain time to play at your favorite online casino, as that time approaches you should find something else to do to keep you occupied. Perhaps you can invite an old friend or family member to dinner or perhaps a movie, anything out of the ordinary that would keep you occupied during those crucial hours. Spending time with family and friends is a good way to distract yourself from the cravings and of course you’ll probably focus intently on what they’re saying to keep yourself distracted so they’ll come away thinking you’re a great listener!
Set some limits for yourself. Start by setting a limit as to the amount of money you can afford to gamble with at each gambling session. This will help you manage your finances a lot better and you won’t feel so pressed to continue gambling hoping to win back that grocery money you have just lost. This is one of the biggest mistakes gambling addicts make: they dip into finances that are set aside for other things and when they find that they have lost all or nearly all of those funds, they feel compelled to continue playing in the hopes that they will win back at least a portion of those funds. Once you have set a limit on how much money you are able to spend at any given gambling session stick to it no matter if you are on a winning streak or losing terrible. Log off once your allotted cash has gone.
Now that you have your finances all organized it is time to set up a time play limit. Set a time limit for how long you can reasonable play for each day, whether it is one, two or three hours. Once your time limit is in place you should make every effort to stick to that limit. When the time limit is up you should log off, without hesitating a moment. No matter if you are winning or losing or if you still have cash left in your account, the main thing here is sticking to your plan, just log off when the time is up, and make no excuses. Be patient as time goes on your gambling cravings will reduce as you find yourself spending fewer hours on those online casino websites. Fill that time with a new hobby or even a new romance if you think this will distract you even more and if you’re already married then why not wine and dine the wife or hubby, establish a date night, act like the relationship is still new, after all he or she has probably been feeling a little neglected because of your gambling habit. In time you will be able to take full control of your gambling habits.
About the Author
Sarah Harrigan is a professional casino player and reviewer. For straight talking honest advice on online gambling be sure to visit her website for comprehensive reviews on the best online casinos and winning casino strategies.
Its time for gambling on key-stone and I need to know some probability of getting some numbers?
Ok its a online game were you Play some gambling from the renisonts
That’s all im going to explane to u
What i need is to figer out what is the most commen number you can get by rolling 3 dice
ex:
roling a 1,1,3=5
roling a 2,2,1=5
So theres only to ways to roll a 5 so the probability is 1 over 972 see i woulnt pick a five
to find the probability is hard for me to explain so im not going to
I would loe for the top ten and explain how
You’ve got a lot of work to do since you are way off on your math for starters.
972 ways? How did you get that? There are 216 combos (6*6*6) for three dice.
The ways to get a five would be:
1,1,3
1,3,1
3,1,1
1,2,2
2,1,2
2,2,1
Still not a lot, but seriously, if you thought it was 1 of 972 I think you need to pick a different game.
Probability and Odds in Gambling
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