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Offlines240779
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Question about parameters for a gambling game
    #19216791 - 12/02/13 11:23 AM (10 years, 1 month ago)

The percentages. I thought it meant the higher the percent, the better chance the house has, and you get bigger profits for giving the house a biggerr advantage. However, the higher the percentage, the lower your profits are. Can someone explain?




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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: Question about parameters for a gambling game [Re: s240779]
    #19216795 - 12/02/13 11:25 AM (10 years, 1 month ago)

Quote:

I thought it meant the higher the number, the better chance the house has, but you get bigger profits in exchange?




No.  If the house has a better chance than you why would you make the profits?  The house makes the profits.

If the house has a 3% edge then you will lose 3% of your money, per gamble, on average.


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Offlines240779
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Re: Question about parameters for a gambling game [Re: DieCommie]
    #19216808 - 12/02/13 11:28 AM (10 years, 1 month ago)

I'm still confused. When you choose 2 or 1, your profit potential goes up. So, you put the house at a disadvantage and win more money because of it? :confused:


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Re: Question about parameters for a gambling game [Re: s240779]
    #19216891 - 12/02/13 11:52 AM (10 years, 1 month ago)

Confusing. Turns out the "max profit per bet" goes higher when the edge is greater, but the "profit" goes lower. I don't know the difference between them. :shrug:


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InvisibleDieCommie

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Re: Question about parameters for a gambling game [Re: s240779]
    #19216928 - 12/02/13 12:00 PM (10 years, 1 month ago)

Quote:

Da2ra said:
Confusing. Turns out the "max profit per bet" goes higher when the edge is greater, but the "profit" goes lower. I don't know the difference between them. :shrug:




Sounds like the difference between buying a lottery ticket or putting a dollar on red in roulette.  One has a higher "potential profit" but lower "average profit".


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Invisiblememes
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Re: Question about parameters for a gambling game [Re: DieCommie]
    #19217104 - 12/02/13 12:40 PM (10 years, 1 month ago)

think about it.

bets that give the house a better edge tend to pay out better, to entice the gambler to place them.  (edit, to exlpain further):  So, the bet's payout may be higher if it "wins", but in the long run, the "house edge" implies that if you played the game to infinity, they'd take 3% of your money

(edit #2 to offer the opposite lense view):  think about it in terms of LOWERing the house edge.  At the 1% game, you've taken away 2% of their house advantage, but you're likely only going to be paid a smaller amount if your "bet" wins.

i.e.:  if a 3% bet paid you $7 for every $5 LTC you wagered, a 1% win may pay you 6 for 5.


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