A casino roulette wheels has 38 slots numbered 1 to 36,0,00. The0 and00 slots are coloured green. Half of the remaining slots are red and the other half are black. A ball rolls around the wheel and player bet on which slot the ball will stop in.If a player guesses correctly, the casinopays out according to the type of bet.
(a) Calculate the house advantage, which is the casino"s profit, as a percent of the total amountwagered for each of the following bets. Assume that players place their bet randomly.
! single number bet, payout ratio 35:1
2006-11-23 00:22:53 · 4 answers · asked by SHAILY 1 in Science & Mathematics ➔ Mathematics
The house advantage on all types of roulette bets is 1/19 or 5.26%. So, this is the casinos profit. I'll find you a table, but if you ever go to a Vegas casino or watch the Discovery channel, they will tell you this. Roulette is one of the games in which the house holds a large advantage. Blackjack is your best bet. I'm pretty sure the house advantage is around 1%. Let me find a table quick:
2006-11-23 01:24:25 · answer #1 · answered by Joel O 1 · 0⤊ 0⤋
I don't know how to play the Roulette but from what you have stated about the odds on single number bet, 35:1 means that there are 35 bets against it and 1 bet for it. So the Casino expects to score 35/36 times and loose only 1/36 times. So for each dollar bet or token whic might cost say $1 the casino makes 1x35/36 and loose 1x1/36. That is the expected casino gain is (1x35/36 -1x1/36) that is the casino hopes to win 97.2% of the time.
If there are 38 players casino will win $37 out of which it will pay back $37 as odds in 35 to 1 and for 1 it will pay $35 total pay offs as $62 to collection of 38 a loss of $24. To avoid this the token value might be more than$1. If we know the token or chip value then we can calculate the house advantage otherwise not.
2006-11-23 04:12:35 · answer #2 · answered by Mathew C 5 · 0⤊ 0⤋
Yes. The biggest way is by adding "carnival" games such as three card poker, Let it Tide, Caribbean Stud, etc. Those games have a much higher house advantage than BJ, Craps, and Baccarat. The second biggest house increase is 6:5 payout single deck blackjack. The house advantage is considerably higher in 6:5 than even an 8 deck shoe that pays 3:2. Adding more decks to a blackjack game does improve the house edge as well. Also, a lot of places have lowered the free odds offered on craps to 2X or 3X.
2016-03-12 21:39:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Suppose 38 players each bet one chip on each different number. One person will win 35 chips and the rest will lose. So in effect the casino makes a profit of 3 chips out of 38 chips.
3/38 = x/100
38x = 300
This is around 7.89%.
Note: if the player wins 35 chips plus gets his own chip back, this would be 2 chips out of 38 wagered, adjust answer accordingly.
2006-11-23 01:17:49 · answer #4 · answered by hayharbr 7 · 0⤊ 0⤋
The previous poster is correct about blackjack offering only about a 1% house advantage. In practice, however, the house does much better than that due to incorrect plays by the players - in other words, the casino gets most of its profit off player mistakes. In blackjack, you have to know what you're doing to keep the house advantage at 1%.
2006-11-23 01:32:33 · answer #5 · answered by Anonymous · 0⤊ 1⤋