Probability in gambling Lucie Tejessyová. Gambling Games of chances or skills when betting ratios are to bettors disadvantage The best bets – bring the.

Slides:



Advertisements
Similar presentations
Section 1.1, Slide 1 Copyright © 2014, 2010, 2007 Pearson Education, Inc. Section 13.4, Slide 1 13 Probability What Are the Chances?
Advertisements

Warm up 1)We are drawing a single card from a standard deck of 52 find the probability of P(seven/nonface card) 2)Assume that we roll two dice and a total.
Card Counting What is it, how does it work, and can I use it to pay for college? (and if it does work, do I even have to go to college?) Jeff O’Connell.
For the ultimate in entertainment, play with 2 or more people, individually or as a team Players alternate turns Each player picks an “answer” and must.
Games of probability What are my chances?. Roll a single die (6 faces). –What is the probability of each number showing on top? Activity 1: Simple probability:
An application of the Probability Theory
Standard 12.1 Gambling The Costs and Benefits of Gambling.
Mathematical Expectation. A friend offers you the chance to play the following game: You bet $2 and roll a die. If you roll a 6 you win $5 plus your bet.
Risky Business Test Review. The odds of winning most games are.
© Oklahoma State Department of Education. All rights reserved.1 The Costs and Benefits of Gambling Standard 12.1 Gambling.
GOALS To gain awareness of youth gambling To understand the YMCA YGAP’s methods and approaches To learn how we talk to youth about gambling To learn indicators.
Probabilities of common Games How do I avoid bad bets?
Chapter 14 sec 4 Expected Value. Questions How many of you have car insurance? How many of you have health insurance? Do you wonder how the insurance.
By: Simon Gomez and Daniel Posada PROBABILITY ROULETTE.
My game… You pay £1 to play I roll a dice If it lands on 1 or 2 you win £1.50 If it lands on 3, 4, 5, 6 you lose Will this game make me a profit if 10.
Section 1.1, Slide 1 Copyright © 2014, 2010, 2007 Pearson Education, Inc. Section 13.4, Slide 1 13 Probability What Are the Chances?
Honors Precalculus: Do Now 1.) You are betting with your friend. Every time you flip heads, your friend pays you a dollar. Every time you flip tails, you.
Section 8.2: Expected Values
The possible outcomes are 2 + 2, 2 + 3, 2 + 4, 3 + 2, 3 + 3, 3 + 4, 4 + 2, 4 + 3, The probability of an even sum is ____. The probability of an.
Chapter 3 Section 3.5 Expected Value. When the result of an experiment is one of several numbers, (sometimes called a random variable) we can calculate.
Section 11.6 Odds and Expectation Math in Our World.
1 Introduction to Discrete Probability Rosen, Section 6.1 Based on slides by Aaron Bloomfield and …
Objective Probabilities
Section Copyright © 2014, 2012, 2010 Pearson Education, Inc. Lecture Slides Elementary Statistics Twelfth Edition and the Triola Statistics Series.
Lesson 9-1 Pages Simple Events Lesson Check Ch 8.
Probability The Basics – Section 4.2.
Unit 4: Probability Distributions and Predictions 4.1 Probability Distributions and Expected Value.
Section 13.4 Expected Value. Objectives 1. Compute expected value. 2. Use expected value to solve applied problems. 3. Use expected value to determine.
Outline Random processes Random variables Probability histograms
Copyright © 2011 Pearson Education, Inc. Probability: Living with the Odds Discussion Paragraph 7B 1 web 59. Lottery Chances 60. HIV Probabilities 1 world.
Oklahoma’s Personal Financial Literacy Passport © Oklahoma State Department of Education. All rights reserved. 1 Teacher Presentation Series 12 Standard.
What is Probability?. The Mathematics of Chance How many possible outcomes are there with a single 6-sided die? What are your “chances” of rolling a 6?
Probability and Odds Foundations of Algebra. Odds Another way to describe the chance of an event occurring is with odds. The odds in favor of an event.
13.4 Expected Value Understand the meaning of expected value. Understand the meaning of expected value. Use expected value to solve applied problems. Use.
Probability Distribution
Probability Evaluation 11/12 th Grade Statistics Fair Games Random Number Generator Probable Outcomes Resources Why Fair Games? Probable Outcome Examples.
Definitions Probability is the mathematics of chance. It tells us the relative frequency with which we can expect an event to occur The greater the probability.
5.1 Probability in our Daily Lives.  Which of these list is a “random” list of results when flipping a fair coin 10 times?  A) T H T H T H T H T H 
Not So Great Expectations! Which game do you think has the highest return per dollar?
Craps Probability Solution Or: More than you ever wanted to know about conditional probability!
1 Probability Ernesto A. Diaz Faculty Mathematics Department.
WOULD YOU PLAY THIS GAME? Roll a dice, and win $1000 dollars if you roll a 6.
L56 – Discrete Random Variables, Distributions & Expected Values
6.5 Find Expected Value MM1D2d: Use expected value to predict outcomes. Unit 4: The Chance of Winning!
1 Mathematical Expectation Mathematical Expectation Ernesto Diaz, Mathematics Department Redwood High School.
Warm Up 1)If you pay $5 to play a game and you win $10, how much did you really win? 2)If there are 4 numbers in a lottery drawing, how many numbers win?
GamblingGambling What are the odds? Jessica Judd.
Theoretical Probability. Turn to textbook page 239 to play Never a Six. (See handout for game board.)
1: Chance Experiments How likely it is that some events will occur? Suppose you and your friend will play a game using the spinner shown here: Dr. Basta.
Section 11-8 Geometric Probability. probability The chance or likelihood that an event will occur. - It is always a number between zero and one. - It.
The Mean of a Discrete Random Variable Lesson
Discrete Probability Distributions. Random Variable A random variable X takes on a defined set of values with different probabilities. For example, if.
Playing with Dice 2/20/2016Copyright © 2010 … REMTECH, inc … All Rights Reserved1 ● Rolling a Single Die – 6 possible outcomes (1 – 6) ● Rolling Dice is.
Find Expected Value.  A collection of outcomes is partitioned into n events, no two of which have any outcomes in common. The probabilities of n events.
A die is rolled. What is the probability that the number showing is odd? Select the correct answer
Copyright © 2011 Pearson Education, Inc. Probability: Living with the Odds Discussion Paragraph 7B 1 web 59. Lottery Chances 60. HIV Probabilities 1 world.
Gambling and probability 1. Odds and football.  Predict the Premier League results for this weekend.  Can you estimate the probability of a win/draw/loss.
Thinking Mathematically Expected Value. Expected value is a mathematical way to use probabilities to determine what to expect in various situations over.
The secret of winning The real difference between winners and losers in life – is understanding your chances…
Add Subtopics Here Games of Chance. Introduction  One of the keys to responsible gambling is an understanding of the mathematics governing the operation.
Lesson 96 – Expected Value & Variance of Discrete Random Variables HL2 Math - Santowski.
Copyright © Cengage Learning. All rights reserved. Probability and Statistics.
Copyright © Cengage Learning. All rights reserved.
Game Theory “How to Win the Game!”.
Activity Gerolamo Cardano, Italian mathematician, wrote the first book about Probability in Chances Are!
ROULETTE Yasmina, Phoebe, and Roshen.
Mathematics Unit 37: Spring Fair
Odds.
Warm Up – 5/7 - Wednesday A single bag contains 4 red and 3 yellow discs. Two discs are pulled from the bag and not replaced. A) Draw a tree diagram modeling.
Presentation transcript:

Probability in gambling Lucie Tejessyová

Gambling Games of chances or skills when betting ratios are to bettors disadvantage The best bets – bring the casino the smallest gain Their outcome depends mainly on the chance

Probability Probability theory – mathematical discipline that analyses random events Random event – a result of a random experiment Random experiment – its course and outcome depend on the chance

Classical definition of probability

Odds & expected value

Roulette

French Roulette BetProbabilityOddsPayoutTrue Math. Odds House Advantage Straight Split Street Corner Six line Dozens Even-money

Sportka

Probability of win in Sportka PrizesNumber of guessed numbers ProbabilityWinning percentages 1. Prize 2. Prize 3. Prize 4. Prize 5. Prize Loss

Conclusion The casinos have always certain probability advantage above players and therefore they are definitely profitable None of these games is fair The probability of most wins is less than 5% and therefore it is practically impossible to reach them Gambling should be used for entertainment, not to earn money

„The greatest advantage in gambling lies in not playing at all.“ (Girolamo Cardano)

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2024 SlidePlayer.com Inc. All rights reserved.