Letter to the Editor: What are the odds?
BY Lonny W. Crumbliss, Broken Arrow
Saturday, December 29, 2012
12/29/12 at 2:56 AM
I took a class at East Central University back in the early 1970s called "Statistical Analysis." A lot of the class involved the study of gambling. I learned that most casinos have a 6 percent advantage. That means you have a 47 percent chance of winning when you make one bet and the casino has a 53 percent chance of winning.
When you make two bets the percentage goes to a 12 percent advantage for the casino and with three bets the casino has an 18 percent advantage, etc, etc.
After 17 bets the casino has a 102 percent advantage. After the casino's advantage goes over 100 percent you are no longer gambling, you are just throwing your money away. That is why I never go to casinos. That is also why they can afford to build such expensive casinos.
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