Probability and Casino Games Maximilian Mohr. Gamblers Fallacy Roulette Wheel Shooting Craps...
-
Upload
antoine-surgeon -
Category
Documents
-
view
221 -
download
4
Transcript of Probability and Casino Games Maximilian Mohr. Gamblers Fallacy Roulette Wheel Shooting Craps...
Probability and Casino Games
Maximilian Mohr
Gambler’s Fallacy Roulette Wheel Shooting Craps Permutations and Combinations Poker Hands
Overview
The error of thinking that the probability of a particular outcome increases with the successive number of opposite outcomes
Gambler’s Fallacy
Coin Toss If you toss a coin ten times, and the
first nine results are heads, you might think that the probability of the fifth coin being heads is very low
Gambler’s Fallacy
Probability of one toss heads = ½ Probability of 10 tosses being heads =
1/(2^10) = 1/1024 So the probability of the 10th toss
being heads = 1/1024, right?
Gambler’s Fallacy
NOPE!!!
Gambler’s Fallacy
The tenth toss has just as much of a chance to be heads as tales. It’s 1/2
At the point of your contemplation, the coin has already flipped 9 times, and each individual coin flip is not affected by the previous flip
The universe is not keeping a memory of what has happened and what should come next
Gambler’s Fallacy
The 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 outcomes
H H H H H H H H H H H H H H H H H H H T There are two possibilities for each outcome,
and compounded ten times, both sets have a probability of 1/1024
Additionally
Roulette
Roulette is a game in which a small ball is spun around a rotating wheel with 38 different pockets
In American roulette, the pockets are numbered 00, 0, 1-36
Gamblers bet on the outcome of the pockets into which the ball will fall
Each number is also colored either red or black
Roulette
Single bet – a bet on one exact outcome Split – a bet placed on two adjoining squares Betting on three numbers in a horizontal line Square – marker placed at the intersection of
four numbers
Types of Inside Roulette Bets
Manque (1-18) Passe (19-36) Red or Black Bets Even or Odd Bets Column Bet – All 12 numbers in any vertical
line
Types of Outside Roulette Bets
Craps
Craps is a game where gamblers wager of the outcome of rolls of dice.
All possible rolls:
Craps Basics
1 2 3 4 5 6
1 2 3 4 5 6 7
2 3 4 5 6 7 8
3 4 5 6 7 8 9
4 5 6 7 8 9 10
5 6 7 8 9 10 11
6 7 8 9 10 11 12
The most basic bet, a bet for the shooter to win
If the roll is 7 or 11, shooter wins Probability of winning this way?
Pass Line Bet
If the roll is 2, 3, or 12, the shooter loses Probability of losing?
Pass Line Bet
If the roll is any other value, the player establishes a point. If the player rolls that point again before a 7,
he/she wins If the player rolls a 7 before that point, he/she
loses. Example: Rolling a 4
Pass Line Bet
Texas Hold’em
The basics Two cards dealt to each player, 5 cards turned
over in succession from the deck Player with the best hand using his cards and
“the flop” is the winner
Texas Hold’em
Which applies to poker hands?? Permutation: a specific set of items in a
particular order Combination: a specific set of items in no
particular order
Combinations & Permutations
Combination Lock?
Permutation Formula
Where n is the number of items to choose from, and r is how many you’re picking out
___n!___r!(n-r)!
You divide out r! from the permutation formula because combinations of the same items in
different orders don’t count as separate sets.
Combination Formula
How many possible poker hands in all?
Out of 52 possible cards, choose a combination of 5
52 choose 5 = 2,598,960
How Many Hands?
Getting 10-J-Q-K-A all of the same suit
Royal Flush
Discounting the possibility of getting a royal flush
5 cards in numerical order, all in the same suit
0.00139%
Straight Flush
4 of one value of any card, the same value from each suit
0.024%
4 of a Kind
3 cards of a kind + a pair 0.144%
Full House
5 cards of any value, all from the same suit
Discounting straight flushes 0.197%
Flush
5 cards in rank order from any suit Discount royal flush and straight flush 0.392%
Straight
3 of the same rank, other two cards can be anything
2.11%
3 of a kind
4.75%
2 Pair
42.3%
Pair
50.1%
No Pair/High Card
If 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?
Homework
http://www.mathsisfun.com/combinatorics/combinations-permutations.html
http://en.wikipedia.org/wiki/Poker_probability http://dictionary.reference.com/browse/mont
e+carlo+fallacy
http://en.wikipedia.org/wiki/Craps
Sources