7 Gambler’s FallacyThe tenth toss has just as much of a chance to be heads as tales. It’s 1/2At the point of your contemplation, the coin has already flipped 9 times, and each individual coin flip is not affected by the previous flipThe universe is not keeping a memory of what has happened and what should come next
8 AdditionallyThe probability of getting 10 heads in a row OR 9 heads then 1 tail both have the same odds.Each is an exact combination of 10 outcomesH H H H H H H H H HH H H H H H H H H TThere are two possibilities for each outcome, and compounded ten times, both sets have a probability of 1/1024
10 RouletteRoulette is a game in which a small ball is spun around a rotating wheel with 38 different pocketsIn American roulette, the pockets are numbered 00, 0, 1-36Gamblers bet on the outcome of the pockets into which the ball will fallEach number is also colored either red or black
11 Types of Inside Roulette Bets Single bet – a bet on one exact outcomeSplit – a bet placed on two adjoining squaresBetting on three numbers in a horizontal lineSquare – marker placed at the intersection of four numbers
12 Types of Outside Roulette Bets Manque (1-18)Passe (19-36)Red or Black BetsEven or Odd BetsColumn Bet – All 12 numbers in any vertical line
14 Craps BasicsCraps is a game where gamblers wager of the outcome of rolls of dice.All possible rolls:123456789101112
15 Pass Line Bet The most basic bet, a bet for the shooter to win If the roll is 7 or 11, shooter winsProbability of winning this way?
16 Pass Line Bet If the roll is 2, 3, or 12, the shooter loses Probability of losing?
17 Pass Line BetIf the roll is any other value, the player establishes a point.If the player rolls that point again before a 7, he/she winsIf the player rolls a 7 before that point, he/she loses.Example: Rolling a 4
36 HomeworkIf I am playing a pass line bet in craps, and I roll a 9, how much more likely am I to lose than win?What percent chance do I have of beating a player with a regular flush in poker, if we’re both all in?
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