Re: probability of losing at roulette?



dufffman@xxxxxxxxx wrote:

Jesus.. such carnivores out here!

Obviously I knew that it wouldn't work, or else I would have tried it
myself while I was there.  Its just something I was thinking about and
I wanted to put it out there and find out the "flaws" with it.

Lets pick an upper middle class Joe (Like me who goes to the casino
about 2 times a year and bets about $300 each time and usually plays at
the $20 - $25 bet tables.. safe assumption?) would it be wise to
implement the above mentioned strategy?

I guess it all boils down to, would you be willing to bet $300 for a
1/13 chance of winning $20?  I dont know, I am certainly willing to try
it out with about $500 once!  (But then again, its "strategies" like
this that lead to a mans demise and casino addictions!)

And regardless I would be interested in what you guys this is the best
"strategy" for playing roulette, for lets say our upper middle class
joe with about $300 - $400?

Christian has already given a good response: think of your outing as
you would any other form of entertainment. You're paying some money
for entertainment (and perhaps a few "free" drinks)--just don't plan
on going home with a profit.

If you want to minimize your average losses over many such sessions,
here's the plan, in order of importance:

1. Pick the game and the bet that has the best odds. Obvious, but
   a lot of people ignore this, to their woe and the casino's glee.
   Do your homework.

2. Don't stay in any longer than you have to, otherwise the house edge
   will eat up your stake. (This is why the slots are bad--first, they
   have poor odds and, second, they force you to make a lot of small
   bets.)

3. Don't be greedy. With a fixed initial stake, it's always worse to
   say "I'll quit when I've won $100" than it is to say "I'll quit when
   I've won $50."

A fairly good strategy in this regard is to sit down at the roulette
table, put your entire stake on red, collect your winnings (or not)
and then walk away. Not very entertaining, I'll admit, but just about
the best long-term strategy there is.

Finally, two corollary pieces of advice:

4. Remember, you'll lose in the long run, no matter what you do.

UNLESS (Here follows Rick's surefire way to make money gambling)...

   you own the casino.


Regards,

Rick

.

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