if the spinner does not land on 4, he loses $2. What should the gambler win if the spinner lands on 4 for the game to be fair?
2007-10-16 19:07:35 · 5 answers · asked by googooboi 2 in Games & Recreation ➔ Gambling
whats the fornula for that? im confused
2007-10-16 19:18:51 · update #1
Just a minor correction for Sam and Matt. The odds are actually 7 to 1 against hitting your number. There are 7 ways to lose and 1 way to win.
You could also say that the odds are "1 in 8".
2007-10-17 04:00:23 · answer #1 · answered by John F 6 · 0⤊ 0⤋
The odds, of hitting any single number on a given spin, are actually 7-1 against. There are eight numbers total, and you are taking the four, leaving the remaining seven numbers against yours.
The payout would be seven times whatever the bet, plus the bet itself. In this case, the correct payout would be $16. Most gaming establishments would take advantage of a player's naivete, and only give the payout, leaving the initial bet in play to eventually be lost or forgotten. Regardless of payout procedures, the player is entitled to $16. If only $14 is paid, make sure to take down your $2 bet.
2007-10-17 06:11:09 · answer #2 · answered by daniel j 2 · 0⤊ 0⤋
It's based on "house odds", relative to true odds...so if the payback is $15 for a $2 bet on a 1-8 spinner, then the house "edge" is;
house edge = 100 - (payout)/(true odds payout)
= 100% - (($15/$16) x 100)
= 6.25%
For every $100 bet, the house will end up keeping $6.25, over a period of time.
Not sure what the payout is, but "fair" is relative...the house makes its money by shortchanging the true odds payouts in their favour. Same is done in roulette...$1 bet on a single number pays 35 to 1...$35. If you take the number of slots on the wheel, 1 to 36 plus 0 and 00, the true payout should be 38 to 1, or $38. The house keeps $3 for every win, and the house edge is;
100% - ($35/$38) x 100
= 7.9%
For every $100 bet, the house keeps $7.90, over a period of time.
Always look for the best odds (smallest house edge), when gambling...:o)
2007-10-16 20:23:05 · answer #3 · answered by xmyst1963x 2 · 0⤊ 2⤋
The fair odds would give you a return of $16 (8-1 odds). However you would never get these odds in a casino, probably more like 7.5-1 as the casino always has the odds in its favour.
2007-10-17 00:51:24 · answer #4 · answered by Matt B 3 · 0⤊ 1⤋
$16
the odds are 1 to 8
2007-10-16 19:15:48 · answer #5 · answered by ? 3 · 0⤊ 1⤋