An Insight into Gambling Mathematics
Let’s face it, if you ask a casino owner or a mathematician if you can win by gambling in a casino, the answer is a factual yes.
The catch, however, is that you are more likely to win in the short term. What this means really is that the longer you play, the more likely it is that you will lose.The casino offers two types of games which include the games of chance such as roulette or slots, and the games of skill and chance such as poker and blackjack.
In the games of chance, the law of averages is at work. This means for example, if you flipped a coin ten times, there is a 50/50 chance of hitting heads. Each toss is also completely independent of another toss.
When you relate this to roulette for example, there is a one in 38 chance that the ball will fall into a particular slot since there are 38 slots on a roulette wheel.
The bottom line is that the law of averages tells us that in percentage terms, the more times you will toss a coin, the more likely you are to get closer to approximating the predicted average. Let’s look at an example.
If you tossed a coin 10 times and it hit tails four times and heads 6 times, you are in fact only 1 flip away from getting 5 heads and 5 tails as the law of averages states. In percentages though, you got heads 60% of the time and tails 40% of the time. Now, if you kept tossing the coin a million times, you might get 502,250 heads and 497,750 tails. Here you are off by 2,250 as opposed to the 50/50 chance stated by the law of averages.
In percentages though, while 2,250 is much bigger than the 1 toss difference above, it is smaller in percentage – only 50.23% as opposed to 60%. To put it bluntly, if you gambled on 10 coin flips, you would lose $2 but if you gambled on 1 million coin flips, you would lose $2,250.
Gambling for the short term is therefore the answer.
While the casino can still win and probably will win most of the times, if you just keep at it in short spans, you could walk away with some winnings too. The hard part though is learning to walk away with these winnings!
Bonus Video with gambling tips: