Let’s Play Craps How and Where to Play Craps in Las Vegas. Joel Johnson Ph.D.

Slides:

Advertisements

Similar presentations

Advanced Strategies for Craps and Poker Billy J. Duke Joel A. Johnson.

Advertisements

Math and Card Games By: Candace DiBiano.

By: Jonathan Quenzer. To have a computer learn how to play Blackjack through reinforcement learning Computer starts off with no memory. After each hand.

Probability and Casino Games

Review Dollar value of Required Reserves = Amount of deposit X required reserve ratio Excess Reserves = Total Reserves – Required Reserves Maximum amount.

YOU DONT KNOW CRAPS!!. An Investigation Using Probability, the Geometric Distribution, and Expected Returns for the Game of Craps By Otto Magdanz and.

At a particular carnival, there is a dice game that costs $5 to play. -If the die lands on an odd number, you lose. -If the die lands on a 2 or 4, you.

Score My Team Bonus Program Best Practices – 12 Months.

Present Value Comparison Construction Engineering 221 Economic Analysis.

This is the online version of the game of craps. It is a type of simulation game. It’s as though you’re playing on the real table. Craps is played in most.

Review and Preview and Random Variables

EGR 141 Computer Problem Solving in Engineering and Computer Science

Quiz Welcome!. Help  Click what you think is the correct answer!  Click play to go on.

Lecture 10. Simplified roulette European roulette has numbers 0,1,…36. xD0s

Markov Chains Extra problems

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.

Overview Reference parameters Documenting functions A game of craps. Design, code, test and document.

Expected Value, the Law of Averages, and the Central Limit Theorem

Dealer Comm Hand Player makes Ante bet and optional Bonus bet. Five cards are dealt to each player from the shuffler. Five cards are dealt from the shuffler.

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.

DGame Task Task 1Task 2Task 3Task 4 Task 5Task 6Task 7Task 8 Task 9Task 10Task 11 NC Level 3 to 8.

BLACKJACK SHARKS: Aabida Mayet, Omar Bacerra, Eser Kaptan March 15, 2010.

Craps (!!) Casino Craps: Strategies for Reducing the Odds Against You - by Robert Roto. June 2014 Get this deck at: tinyurl.com/ovnjy7d.

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.

Hashimoto: Casino Management: A Strategic Approach © 2008 Pearson Education, Upper Saddle River, NJ All Rights Reserved. CHAPTER 9 PRODUCT: GAMES.

Intro to Probability & Games

Expected Value Section 3.5. Definition Let’s say that a game gives payoffs a 1, a 2,…, a n with probabilities p 1, p 2,… p n. The expected value ( or.

Craps Table Odds: Comparing Player’s Edges For Selected Table Odds

Win limits as a strategy for “responsible gaming” Stephen W. Litvin, Douglas M. Walker, and Russell Sobel 15 th International Conference on Gambling and.

Black Jack Dr. Bernard Chen University of Central Arkansas Spring 2012.

Fair Games/Expected Value

Probabilities of common Games How do I avoid bad bets?

Blackjack: A Beatable Game

By Matheus Vasconcellos, Miguel Urrea and Esteban Gomez.

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.

Application of Random Variables

The game of Craps Rules of play: 1. Played with two dice (six faces to a die – numbers 1-6 per face) 2. Sequence of betting rounds (or just rounds) 3.

Casinos There’s a reason they are big and extravagant!

1 Introduction to Discrete Probability Rosen, Section 6.1 Based on slides by Aaron Bloomfield and …

Paigow Training Hai J Shen International Association of Certified Surveillance Professionals.

SpikerSystems, LLC Gaming Innovations & Applications Co-Founders: Martin Wollner David Wollner.

Phil 148 Choices. Choice Theory: The relationship between probability and action is often complex, however we can use simple mathematical operations (so.

Blackjack: A Beatable Game Amber Guo Adapted from: David Parker Advisor: Dr. Wyels California Lutheran University ‘05.

1 M14 Expected Value, Discrete  Department of ISM, University of Alabama, ’95,2002 Lesson Objectives  Understand the meaning of “expected value.” (Know.

Copyright © 2011 Pearson Education, Inc. Probability: Living with the Odds Discussion Paragraph 7B 1 web 59. Lottery Chances 60. HIV Probabilities 1 world.

Casino Craps by Vera Sanchez

By: Holly Straub.  Usually up to eight players, play against the House.

13.4 Expected Value Understand the meaning of expected value. Understand the meaning of expected value. Use expected value to solve applied problems. Use.

MM1D2d: Use expected value to predict outcomes

Casino Royale. Fair Dice Game Shooter wins … Fixed Dice Game Modesty wins …

Gambling Because why not?. Blackjack and card counting Card counting is a casino card game strategy used primarily in the blackjack family of casino games.

Probability Evaluation 11/12 th Grade Statistics Fair Games Random Number Generator Probable Outcomes Resources Why Fair Games? Probable Outcome Examples.

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!

Warm Up If Babe Ruth has a 57% chance of hitting a home run every time he is at bat, run a simulation to find out his chances of hitting a homerun at least.

Sections 5.1 and 5.2 Review and Preview and Random Variables.

Lecture 12. Game theory So far we discussed: roulette and blackjack Roulette: – Outcomes completely independent and random – Very little strategy (even.

WOULD YOU PLAY THIS GAME? Roll a dice, and win $1000 dollars if you roll a 6.

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.

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.

Online Gambling Establishment Malaysia -- Live Gambling Establishment, Betting Online InfiniWin has actually been offering only the finest in gambling.

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

Lesson 96 – Expected Value & Variance of Discrete Random Variables HL2 Math - Santowski.

Probability of casino games

ROULETTE Yasmina, Phoebe, and Roshen.

Fun… Tree Diagrams… Probability.

The Stock Market Crash.

Presentation transcript:

Let’s Play Craps How and Where to Play Craps in Las Vegas. Joel Johnson Ph.D.

Why Play Craps????? 1)It’s Fun!!! 2)It’s Social. 3)It’s Fair.

Craps Layout

Pass Line Bet Assume you are given the dice to roll, now you are the Shooter. Initial bet of any amount up to table maximum on the first roll (Come Out Roll); a pass line bet pays even money or 1:1.

How to Win or Lose a Pass Line Bet

Odds on a Pass Line Bet 1)Often referred to as FREE ODDS (nothing is free) this is an OPTIONAL second bet placed after a shooter rolls a point. 2)The payout for the odds bet (not the pass line bet) is directly based on the odds of hitting a particular point. 3)Odds on a pass line bet is the BEST bet you can make in a casino.

What are the ODDS?

How Much Odds Can You Bet? Casino Odds LimitsHouse Advantage 0x1.41% 2x0.606% 3x0.471% 3-4-5x0.374% 5x0.326% 10x0.184% 100x0.021%

Don’t Pass Bet 1) Just think OPPOSITE of the Pass line. 2)Most people lose, means you win. 3)Watch out for the Come Out Roll, seven or eleven means you lose. 4)Lay more odds to win less. 5)Serious players only, who can take being the odd man/woman out.

House Advantage Casino Odds LimitsPass LineDon’t Pass 0x1.41%1.36% 2x0.606%0.455% 3x0.471%0.341% 3-4-5x0.374%0.273% 5x0.326%0.227% 10x0.184%0.124% 100x0.021%0.014%

Place Bets

How to Make a Place Bet 1)Place bets may be placed on the numbers 4, 5, 6, 8, 9, and 10 at any time. Place bets may be taken down at anytime. 2)Place bets win when the number placed is hit. Place bets lose when seven is rolled. 3)Place bets do NOT pay the true odds of hitting a particular number.

Place Bet Payouts

Craps Hedging 1)Don’t pass players only. Initial bet is on the don’t pass for the come out roll. 2)After the come out roll make certain place bets worth less than the initial don’t pass bet. Do not place the point. 3)Optimal strategy is to remove a place bet after the place bet is hit once (at most twice).

Criteria for Choosing a Place to Play 1)Play where there is the smallest minimum bet. Largest minimum you should play is 5 dollars. 2)Play where you can use the most odds. Smallest odds you should play is 3-4-5X odds. 3)Play where the dealers are accustomed to novice players.

Where Should You Play in Vegas? #1 Place to play by far is Casino Royale, 3 dollar minimum, 100X odds and most players there are novices. #2 Place is Main Street Station Downtown, 5 dollar minimum, 20X odds, friendly players. Do not play craps at the rich strip casinos such as Wynn and Venetian. Minimum bets are 25 dollars or more; and you could be ridiculed for not knowing how to play.

Now Go Play Some Craps!!!!