3 ms·

Loved this post, but "The casinos in Vegas are primed for this by making it relatively likely you’ll win something early on." is false. Casinos in vegas have n

by ezl 14y ago

Loved this post, but "The casinos in Vegas are primed for this by making it relatively likely you’ll win something early on." is false. Casinos in vegas have no idea if you're deep into a gambling session or not. They take small statistical edge on every transaction (or a rake).

drcube 14y ago
It's true in the sense that the games are designed to pay out small wins fairly often. Rather than big jackpots once in a great while.
crazcarl 14y ago
I think this statement is supposed to be relating to the probability of winning something on any given bet, and not necessarily the expected value of the bet. For example, your probability of winning when betting on black is higher than betting on 12 (playing roulette). But you EV is still the same (or close). I think roulette is an exception in that it lets you bet with fairly low odds of winning. Most other games (BJ, Slots, etc..) keep the odds of winning something closer to 50-50 on each transaction.
simonholroyd 14y ago
Also, the Nevada Gaming Commission frowns upon changing the odds of a game while a gambler is playing (at least for slots -- I believe this is true for most other games also): http://www.lasvegassun.com/news/2008/feb/17/dont-worry-your-slot-bets-are-still-safe/ http://www.lasvegassun.com/news/2008/feb/17/dont-worry-your-...
conroe64 14y ago
Except for a few full pay video poker machines which actually give the player an small edge given perfect play.
nathan_long 14y ago
>> Casinos in vegas have no idea if you're deep into a gambling session or not. Yes and no. The slot machine has no idea. But the casino certainly does. They do stuff like track you with membership cards, detect when you're frustrated and about to leave, and "helpfully" show up to offer you a free meal so you'll stay. It's diabolical, really. http://www.npr.org/blogs/money/2011/11/15/142366953/the-tuesday-podcast-from-harvard-economist-to-casino-ceo http://www.npr.org/blogs/money/2011/11/15/142366953/the-tues...

by ezl 14y ago

drcube 14y ago

It's true in the sense that the games are designed to pay out small wins fairly often. Rather than big jackpots once in a great while.

crazcarl 14y ago

I think this statement is supposed to be relating to the probability of winning something on any given bet, and not necessarily the expected value of the bet. For example, your probability of winning when betting on black is higher than betting on 12 (playing roulette). But you EV is still the same (or close). I think roulette is an exception in that it lets you bet with fairly low odds of winning. Most other games (BJ, Slots, etc..) keep the odds of winning something closer to 50-50 on each transaction.

simonholroyd 14y ago

Also, the Nevada Gaming Commission frowns upon changing the odds of a game while a gambler is playing (at least for slots -- I believe this is true for most other games also): http://www.lasvegassun.com/news/2008/feb/17/dont-worry-your-slot-bets-are-still-safe/ http://www.lasvegassun.com/news/2008/feb/17/dont-worry-your-...

conroe64 14y ago

Except for a few full pay video poker machines which actually give the player an small edge given perfect play.

nathan_long 14y ago

>> Casinos in vegas have no idea if you're deep into a gambling session or not. Yes and no. The slot machine has no idea. But the casino certainly does. They do stuff like track you with membership cards, detect when you're frustrated and about to leave, and "helpfully" show up to offer you a free meal so you'll stay. It's diabolical, really. http://www.npr.org/blogs/money/2011/11/15/142366953/the-tuesday-podcast-from-harvard-economist-to-casino-ceo http://www.npr.org/blogs/money/2011/11/15/142366953/the-tues...