How To Win Big Money At The Casino

How To Win Big Money At The Casino – The house always wins. We all know this phrase. But it’s more than just a sentence. This is a simple and mathematically proven fact. And you only need to know three statistical concepts to see why the house always wins.

You are in a casino. The roulette wheel spins and the ball bounces. Jump, jump, jump, you smile:

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And then another jump. No, it’s black! You lose everything again and go home with empty pockets.

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Well, I hope you don’t – because you don’t go to casinos, you don’t buy scratch tickets, you don’t usually play lotteries or gambling games.

And I will tell you why in this article. (Check out the podcast or video version of this too!)

These three statistical aspects are often seen in data science projects. If you are wondering why I am talking about betting on data science channels, rest assured that you will be able to use this knowledge in your data science career.

I’m sure you have a friend – or a friend of a friend – who won big in sports betting, or walked home from Vegas with $10,000, or won that dream trip to Malta on a ticket.

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The trick is to bet on good stories that always end in big wins. It makes sense. My grandmother played the lottery numbers last week and never talked about how she won again for the 200th time. But he did not forget to mention that he won 6000 dollars in 2003.

Because losing is boring. It’s every day. It happens to everyone. Winning is exciting, a great story to tell even years later.

My brain hears a winning story. That’s one data point. Then listen to another, another, another. Sometimes he even hears stories of the lost… but not the truth. So in my poor brain the sample size of winning stories and short losing stories is different. And it creates false statistics from skewed data – so it thinks I’m more likely to win than I actually am.

That’s how my crazy brain works. Well, the bad news isn’t just my brain, it’s yours too. After all, it’s a person’s brain: how humans are made. We believe we have a better chance of winning than we do. Because of addiction.

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Oh, and of course, almost all casinos and online gambling companies promote this product as much as possible.

In any case, if there were no survival bias, we would see our chances in more fair gambling and none of us would go to the casinos. So if you hear a good winning story, you should always remember that it is not the full picture and in full, the house always wins.

. But I haven’t explained the math behind it yet. So let’s get on with it and move on to the second statistical concept.

Here, I will not go into the details of expected value calculations. But to learn more see this article: Principle of Appraised Value.

Big Winner Poster Vector. You Win. Gambling Poker Chips. Dollars Money Banknotes Stacks Illustration Stock Vector Image & Art

Predictive value shows what average result you would get if you made the same bet an infinite number of times.

I know it sounds complicated, so let me give you a very simple example to run this module.

Coin manipulation is a fair game. When you flip a coin the odds are 50%-50 for tails or heads. Suppose you place a bet and if it is tails you double your money, if it is heads you lose your money. If you do this many times, say 1,000 rounds, your winnings and losses will balance out. Average profit is 0 dollars. That means the estimated value of this game is exactly $0.

, gambling is like flipping a coin. It is a red and black bet. But your chances of winning are a little less compared to flipping a coin in roulette. When you bet $10 on black, your expected value is not 0. That’s $0.27 less per round. Again, I’m not going into the math here, see the article I mentioned. But the reality is that you lose about 27 cents for every spin you make. It seems like a very small amount. But 1,000 rounds, that adds up, and your loss is about $270.

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I mean, sure, expected value is a theoretical value, but it’s always shown in the long run. In other words: the more you play, the more you lose.

The thing is: roulette is a game where the expected value is negative – because the probability in it is designed to lose in the long run. And it’s not a big secret, but every game in the casino is designed with a negative expected value.

This is another bias and explains why people don’t quit the game when they are on a winning streak.

First, you need to know that right is hard. It works in ways that are difficult for the human brain to understand. There are rare occurrences. Like the chance of getting 10 heads in a row when flipping a coin. The probability of this happening is less than 0.1%. However, with a large sample size, when you toss a coin 100,000 times, this will happen more than once.

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And it can happen to you too. If you play 1,000 rounds of roulette, for example, you will be lucky.

And when one is in the middle of a lucky streak, one can easily feel like one has one

. So he’s up front, betting big — hoping to make the most of those winning streaks. But the fact is, these winning streaks are nothing more than blind luck, and statistically speaking, it happens to everyone at some point.

In gambling, there are no hot hands. In a casino, the faster you win something, the faster you lose it.” Again, you can’t escape the laws of statistics – and the more you play, the more likely you are to lose. Remember, the house always wins. So don’t be too depressed. You go to the casino (engineer If you play (against the senses) and win (against the odds), the best thing you can do is walk out right away and be glad you got lucky!

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And don’t get me wrong, whether you gamble or not is up to you. Makes sense to me. Sometimes it’s fun to play, fun to get lucky and fun to win.

I want you to understand the math behind betting – and give you a more realistic picture of your chances and why the house always wins.

Data Analyst @Data36. I create in-depth, practical, real-life online courses — and video tutorials to help people learn data science. https://www.data36.com

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