even bet on money wheel - Gambling and Probability

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even bet on money wheel

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11-08-2012 , 12:30 AM

shooterofmoney

enthusiast

Join Date: Oct 2012 Posts: 56

trying to find out if there is a way to break even every spin of the wheel on the money wheel at the casino...there are 24 $1 spots that pay out 1:1...14 $2 spots that pay 2:1....8 $5 spots that pay 5:1...4 $10 spots that pay 10:1....2 $20 spots that pay out 20:1, 1 horseshoe spot that pays 40:1 and 1 black and gold spot that pays 40:1... you have to bet on whole dollar amounts...thanks for any help

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11-08-2012 , 08:40 AM

shooterofmoney

enthusiast

Join Date: Oct 2012 Posts: 56

Edit...there are 23 $1 spots and 15 $2 spots...same pay out as stated above...the reason I am wondering I if I could bet close to even everytime I could sit there for a while and place a even bet I could rack up comps. With out much risk...I am a poker player and I hate house games...can we beat the house at their own game for once?

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11-08-2012 , 09:15 AM

BruceZ

Carpal \'Tunnel

Join Date: Sep 2002 Posts: 11,877

Quote:

Originally Posted by shooterofmoney

All bets are highly -EV as shown here under Charles Town rules. The lowest house edge is the $5 at -11.11%. (Ordinary rules give the $1 bet this edge). This is a sucker game.

The formula for the EV for a bet with N numbers that pays P:1 is

N/54*P - (1-N/54)*1.

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11-08-2012 , 10:41 AM

Sherman

Carpal \'Tunnel

Join Date: Jun 2005 Posts: 7,766

Yeah, this game is horrible. I was on a trip to vegas with a couple of buddies of mine from graduate school who are complete gambling dunces (i.e. have no idea how any of the games work) so if I wanted to have fun with them we were forced to play the most low-brain games out there...and this was one of them. /Sigh/

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