4 ms·
It would be nice if they added to the relevant legislation that no bet can be more than negative 1% EV. There is some nuance to figuring that (and perhaps you'd
by danielmarkbruce 4y ago
It would be nice if they added to the relevant legislation that no bet can be more than negative 1% EV. There is some nuance to figuring that (and perhaps you'd have to regulate the total winnings / total wagered instead) but a decent part of the problem is that folks are making really crappy bets in most cases. Making a lot of $20 bets at -1% EV is very different than the same thing at -15% EV.
- School-Cotton 4y agoThis would amount to banning essentially all casino games except blackjack and video poker, and would remove all decision-making from those games, forcing everyone to play perfect basic strategy or close to it. I think gambling should be illegal, so I’d be happy for such a suggestion to be implemented, but it’s basically a more complicated and indirect way to just ban casinos outright.
- pessimizer 4y agoI don't think gambling should be illegal, but I think casino games and lotteries should be illegal. The expected value is the only reason for me. When the expected value is negative, it's not really gambling. Expected value from gambling should be zero, going slightly negative because the table and the room needs to be paid for. People making money from gambling should be making money from providing services to gamblers, not taxing the pot with a rake or a vig.
- danielmarkbruce 4y agoBasically agree. A -1% EV max mandate would be much better. Excitement without much loss.
- danielmarkbruce 4y agoI should have been more specific - I meant for sports betting. That being said - there are many casino games which would work fine and leave decisions - roulette could be -1% EV with a single zero which was smaller than the other numbers. Several craps bets are close to 1% and minor adjustments could be made to payoffs. Blackjack would be practically impossible to make work.