3 cards are drawn from a deck of 52. If no hearts are drawn the payer gets nothing; if 1 heart is drawn the player wins $1/50; if 2 hearts are drawn the player wins $7. How high should the owner make a jackpot on a pull of 3 hearts if he wants the “house” (casino) to average 60 cents a play.

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Tossing two dice Some games of chance rely on tossing two dice. Each die has six faces, marked with 1, 2, . . . , 6 spots called pips. The dice used in casinos are carefully balanced so that each face is equally likely to come up. When two dice are tossed, each of the 36 possible pairs of faces is equally...

I don’t consider myself to be a Gambler! A Gambler is a high risk taker, he puts his money out there “hoping” to win! A Strategist is a minimal risk taker who puts his money out there “knowing” he’s going to win! I recently quit my job because I discovered a way to...

Two questions… 1) Is there a ‘gambling college’? I heard there was a school in New Jersey where they actually teach people how to have advantage over casinos, and there is a such thing as ‘professional’ players, who make careers out of it, as well as big bucks and multimillion...

I think that this problem is very difficult partly because it does not have a closed form algebraic solution. I was able to solve it with a Markov transition matrix or a recursive solution. Here is the exact answer using 10 coin tosses and different size streaks from 2 to 10. The extreme cases of 2 and...

Last week my friend, who is Christian, expressed doubt in “faith” because he was watching the people that he loves pray and be devout Christians, good people at that, and come up with the short end of the stick all of the time. He asked how could that be? My response, without trying to completely...

Some games of chance rely on tossing two dice. Each die has six faces, marked with 1, 2, . . . , 6 spots called pips. The dice used in casinos are carefully balanced so that each face is equally likely to come up. When two dice are tossed, each of the 36 possible pairs of faces is equally likely to come...

Consider an imaginary casino: 25% chance to win $10 75% chance to lose $30 0.25*10 + 0.75*(-30) = 0 In other words, playing at this imaginary casino, will not win or lose you any money, on average. The win and loss ratio is balanced. Things like love don’t have numbers or probabilities assigned...