For questions about the mathematics behind gambling, such as the expected value of a game or the efficiency of a gambling strategy.
Questions tagged [gambling]
598 questions
3
votes
3 answers
Best strategy for machine that changes win chance weekly
Imagine you have a machine that you pay 1\$, push a button, and it will randomly give you 2$ (you win) or keep your money (you lose)
Now, the probability for you to win changes every week at the same daytime, and it's chosen randomly as well between…
Victor Oliva
- 177
2
votes
2 answers
Designing arbitrage bet on horses
We have $3$ horses: $A$, $B$, $C$. For every dollar I wager, I get $\$2$, $\$4$, or $\$6$ if $A$, $B$, or $C$ wins the race, respectively. Design a strategy that never loses money.
I'm stuck on this question. I know the winning strategy is to bet…
skidjoe
- 365
2
votes
1 answer
In gambling, how much should I bet to win a specific amount of money?
I have a seemingly simple problem but I can't work it out. Say I start with a bank of £20 - I would like to work out how much I should bet take my bank to £25 (assuming a win).
In this case we'll assume odds of 2.00. Since the amount I want to win…
Matt Griffiths
- 123
1
vote
2 answers
Which gambling game is less disastrous?
To clarify I acknowledge that both gambling systems will produce a loss long term.
The question is, if my calculations are correct regarding them, and if one system is more disastrous than the other.
First game is Keno. I select 6 numbers (to win)…
1
vote
1 answer
Best strategy to minimize the number of games played for a fair coin betting game
I have a game where each game starts with \$200 and you have to bet on the outcome of a fair coin flip. You can bet any positive integer amount as long as you have the money, and the payout ratio is 1:1 (If you win, you get double the bet, otherwise…
Setsu
- 111
1
vote
1 answer
Sports betting market calculation
Goal markets are calculated at Over 0.5, Over 1.5, Over 2.5 and so on. But there are also the Asian markets for the goal line, where for example there is the Over 1.0 market (where if there are no goals in the match the bet gives a loss, if only…
Digital Farmer
- 115
1
vote
1 answer
Fair Value of Game Involving Last Strictly Increasing Sequence
Assume there is a game that costs $\$x$ dollars to play, and costs an additional $\$1$ to roll a die each turn. You are allowed to stop the game at any time, and the amount of money you win is equal to the sum of the rolls in the last strictly…
J Swartz
- 179
1
vote
1 answer
Is there a sure way to win? (Bet on given odds)
You have 25 numbers on a wheel.
12 are number 1 : Doubles your bet. (x2)
6 are number 3 : Triples your bet. (x3)
4 are number 5 : Quintuples your bet. (x5)
2 are number 10 : Decuples your bet. (x10)
1 is number 20 : (x20) what is the name for…
Sudoky
- 13
1
vote
1 answer
Calculating Kelly Criterion of a tiered payout
There is a bet, which can payout different amounts based on the result. possible results, in units, would be:
+30
+10
+6
+4
+2
+1
0
-1
How do you calculate the Kelly Criterion for this? I know the Expected Value of the bet, which is 1.08%. so what I…
pingu2k4
- 129
1
vote
0 answers
How to maximize geometric means of investments?
Say you have a gamble.
With 50-50 chance you lost your money. With another chance your money triples.
So on average you make 1.5 times money you "invested". So if you have $1$ to invest you can reach $1000$ if you're lucky enough.
You can put your…
user4951
- 1,714
1
vote
1 answer
Golf competition
There is a one hole golf competition played by 1000 people, entry is 1 dollar.
Contestants play a par 3 once, and if they get a hole-in-one, they win. If multiple people get a hole-in-one, the jackpot is shared between them. If no one gets a hole in…
user445435
1
vote
0 answers
In 3 way-outcome betting, what is the corresponding 1 back + 1 lay bet of 2 back bet
In Soccer-Game we have three outputs, win / draw / loose, with corresponding quotes q1 / q0 / q2. Now suppose we would like to bet x to win and y to draw. We have two back quotes.
In Exchanges, there exists another option, to Lay. Betting of the…
user28937
- 11
1
vote
1 answer
Should I Put My Lifesavings into the Lottery?
I have $\$250$ million in the bank. The odds of winning the lottery jackpot are about $1$ in $250$ million. The lottery payout gets up to $\$300$ million. A ticket costs $\$1$. The jackpot is the only payout. I am the only person playing the…
Evorlor
- 343
0
votes
1 answer
Good or bad bet?
There are 10 balls in a bucket with each ball marked 1 through 10 and are chosen at random from a bucket each day. The bucket is fair and all 10 balls are reset each day in the bucket. With a wager of 1:10 for guessing the ball number correctly, you…
0
votes
1 answer
Betting on game of the World Series
You and a friend are betting on individual games of the World Series. For each game, if your team wins, you win a certain (positive) amount of money, and if your team loses, you lose that amount. You and your friend create a betting scheme such that…
Mining
- 560