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The book helps readers understand the mathematical reasons why some gambling games are better for the player than others. Along with discussing the mathematics of well-known casino games, the author examines game variations that have been proposed or used in actual casinos.
Numerous examples illustrate the mathematical ideas in a range of casino games while end-of-chapter exercises go beyond routine calculations to give readers hands-on experience with casino-related computations. The book begins with a brief historical introduction and mathematical preliminaries before developing the essential results and applications of elementary probability, including the important idea of mathematical expectation.
The author then addresses probability questions arising from a variety of games, including roulette, craps, baccarat, blackjack, Caribbean stud poker, Royal Roulette, and sic bo.
Basic Gambling Mathematics: The Numbers Behind The Neon - CRC Press Book
About This Item We aim to show you accurate product information. Manufacturers, suppliers and others provide what you see here, and we have not verified it. See our disclaimer. The final chapter explores the mathematics behind "get rich quick" schemes, such as the martingale and the Iron Cross, and shows how simple mathematics uncovers the flaws in these systems"-- Basic Gambling Mathematics. They take a big cut for themselves. That means that as little as 40 percent of the money taken in from ticket sales ends up in the pool that pays the winners. The rest of the money usually goes to education and to cover overhead, marketing, sales commissions.
Meaning a rake of 10 percent.
Meaning the state lotteries are — how to put this politely? So they innovate, they advertise, they market. And look for that money to increase, potentially big-time. The Justice Department just cleared the way for state lotteries to put their games online. Who could blame him? Now, some of that money goes to education and other worthy causes. I think the funding to education is ancillary.
And they convert your hard-earned cash into an extra schools tax. Now, you can understand why state lottery commissioners like things just the way they are. I asked Barr if he ever played the lottery. I think probably if I went back over my 45 years I may have bought a scratch ticket or two in my twenties. As you undoubtedly know there are a handful of people who will make some money out of the lottery but most people most of the time will lose money.
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Aare you familiar with that at all? Called the Save to Win program? That a private institution like a bank or a credit union is not allowed to run a lottery according to state law.
Most states do have their own lotteries. But for someone else to come in and do it, it would be illegal.
I think that the question that you posed is potentially one aspect of one way to do that. Maybe you think people ought to save money on their own.
Blackjack Rules and Strategy
But you know what? People respond to incentives and, for a lot of us, the incentive to save — for retirement, for emergencies, for whatever — is weak. Think of a schoolkid, a third- or fourth-grader. If you look at the data, it turns out the death penalty, for instance, does not work as a crime deterrent. Sometimes you need stronger incentives.
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Or maybe some good smoke and mirrors. Not only is it inefficient, but it has this sort of culture of blaming the consumer. If you came in to have a doctor deliver your baby, you stood a 10 to15 percent chance of dying, from what was called childbed fever. In , a young Hungarian-born doctor named Ignatz Semmelweis joined the staff there. He was horrified by the situation, and Semmelweis went digging in the numbers for a clue. Now, here was something strange: There were two separate maternity wards in the hospital — one staffed by doctors, who were all male, the other by midwives, who were female.
So it seemed to be something the doctors were doing, but what? Then, a clue came in the form of a tragedy. He had pricked his finger with a knife while giving a lesson in autopsy. But when he came back he began to study scrupulously the autopsy findings of his friend, and noted that they were just like the autopsy findings of women with childbed fever who were dying. And when the abdomen is open, there is a sea of pus — around the uterus, around the tubes, the young doctor will put his hands in this. He then probably wipes his hands on a towel, and goes up to take on his regular duties as an obstetrician-in-training.
Semmelweis not only found the cause of death, but he figured out how to prevent it. So you know the rest of the story. It became standard procedure for doctors to disinfect their hands and they stopped passing germs along to patients, right? Well, not exactly. I just have the observation. Physicians are no different. With most problems in society, we subscribe to the belief that education is the answer. But here, the doctors are the most educated people in the hospital — and the worst at washing their hands.
So how is a hospital like Cedars-Sinai supposed to solve that problem? Just give me for a second your view of how important financial literacy is to a well-functioning society.
Consciousness and Falsifiability
And those mortgages blew up, and the magnification of those explosions essentially caused the financial crisis and the worst recession of most any of our lifetimes. That financial illiteracy — individuals not knowing what they were doing with their personal finances — helped cause the Great Recession.
So how bad off are we? On a scale of one to ten, she says:. I would describe it as insufficient and deeply insufficient in a sense.