Hey PocketDucks - think I understand what you're saying ... you're acknowledging that the prize distribution is skewed. But that while the EV figure might arguably be a bit too high an approximation of the amount each of us might be expected to earn/win from this promo, the $0 approximation that I was using might be a bit too low, because there's 15 separate challenges?
Then guess you were trying to find a way to measure the amount that maybe the most people might be able to expect to win, on average, for the 15 challenges, and thought maybe half of the EV might be a good measure?
So for 15 challenges, at an EV of $1.67 for Silver, and $7.55 for gold, you're estimating that most people will tend to maybe win about ...
PD Approximation of Value of the Milestone Challenge Promo
Silver = ($1.67 x 15) / 2 = $12.53
Gold = ($7.55 x 15) / 2 = $56.63
Guess you were relying on the Central Limit Theorem, of the median approaching the mean to come up with this formula? Gosh, wasn't a math major or anything, so maybe if someone who was can help us out - guess these are 15 independent events, with a random distribution of prizes, but a non-random (skewed) distribution of prize payouts. Not sure I've ever seen the median and mode applied across 15 independent events quite like that ... maybe it might be more accurate to look at each of the 15 events, but as a group, to see what sorts of prizes the average person can expect when participating 15 times, and then add them together?
So like a batch of sample outcomes might tend to be ...
Silver
1. Shootout - no win
2. Shootout - no win
3. Shootout - no win
4. Shootout - no win
5. Shootout - min-cash ... $0.35
6. Shootout - no win
7. Shootout - no win
8. $2
9. Shootout - no win
10. Shootout - no win
11. Shootout - deep run ... $0.55
12. Shootout - no win
13. Shootout - no win
14. Shootout - no win
15. $5 cash
So that gives $7.90?
And for Gold
1. Shootout - no win
2. Shootout - no win
3. Shootout - no win
4. $5 cash
5. Shootout - no win
6. Shootout - min-cash ... $1
7. Shootout - no win
8. Shootout - no win
9. $10
10. $5
11. Shootout - no win
12. Shootout - no win
13. Shootout - deep run ... $2
13. Shootout - no win
14. Shootout - no win
15. $5
So maybe $28?
Guess the Silver might not be bad, depending on how much it'll cost in rake to participate every day (the cash game one is $0.67 for about 100 hands, so that'd be about $10 of rake over 15 days) ... and if one doesn't run bad with the prize payouts. Guess everybody can come up with their own formula, and then decide for themselves if they think it's worth it. Am not feeling in too lucky a mood, after winning the min-prize of 100 coins for completing the 3 steps of Silver though, but good luck to everybody who's giving this promo a shot. GL GL PocketDucks - hope you pick up some nice prizes!!
Last edited by TrustySam; 02-14-2016 at 02:30 PM.