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06 July 2013
Evernote for Windows 8 Adds Business Support, Two-Step Verification
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If we bet on, say, the number 15 for ten consecutive spins, there’s every chance that the number 15 would come up once during those spins.
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If it did, then we’d win money (assuming we were betting the same amount on each spin).
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The payout for a correct single number wager is 35:1.
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So we’d lose our stake nine times when the number was not 15, but win 35 times our stake on the one time it was.
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This is why luck plays such a big role in casino gambling.
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Statistically, the number 15 should come up once every 37 or 38 spins (again, depending on the variant being played).
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But the random nature of the game means it might come up three or four times in ten spins, or not all at in 100 spins or more.
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Over the long run, the laws of probability will kick in and it will appear roughly the “correct” number of times.
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In the short term, though, anything can happen. The same principle applies to all casino games.
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When using the roulette example above, we explained that the actual chances of winning when betting on a single number are one in either 37 or 38.
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We also mentioned that the payout is 35:1. The difference between these chances of winning and the payout odds is what gives the casino it’s mathematical advantage, or edge.
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Let’s say we’re playing European roulette, which has 37 numbers on the wheel.
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If we bet on the same single number for 37 spins, the mathematical expectation is that our number would come up once and once only.
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If this happened, we’d lose our stake 36 times and we’d get a payout of 35:1 once.
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