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Expected value in gambling

Started by Dragoner, August 05, 2013, 09:54:15 AM

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Dragoner

Hi klw,
It doesn't help us beat roulette. It helps us understand roulette, and how it can't be beaten. How a little house edge is enough for the casino for the guaranteed profits. This shows us how if we only make positive EV bets (in other games, where it is possible), we could make money just like the casino does.
As far as I know every bet in the no-zero roulette at Betfair has 0 EV. I just bet the same amount on every single number to verify this. With negative EV my bankroll should have decreased, but it stayed the same.

Dragoner


Archie,

I mention on my site that you shouldn't play roulette for profits:

"This is why players believe they can win in the long run. But the casino knows better. The longer you play the less luck matters.
If you consider roulette fun, go play it, and pay the price. There is nothing wrong about spending money to have fun. Only this site is not about that."


"Like I said earlier, there is no winning roulette system, because it is not possible to make positive EV bets, therefore you shouldn't play roulette for profits."

I think it should be obvious whose best interest is taken to heart. I actually advise against playing roulette for profits.

What does that tell you?


The other game on my site is sports betting.

Since this is a player vs. player game, there isn't much of a conflict between the interests of my readers and the "casino". You really can be successful in sports betting.


Why I chose Betfair:
Even if we subtract the commission, the available odds are still usually (with the occasional exceptions) better than any other bookie gives you.

Also as a Betfair affiliate I get paid when my referred customers win. As opposed to other bookies, where you get paid when your referred customers lose.

So if my referred customers are successful, I get paid more.

klw

Hi Dragoner .... Why don't you just bet yourself using your obvious mathematical talents ? Another option might be work out your + EV bets and publish them on the forum here I'm sure there would be some interest in following them.


It's a win win situation.


Cheers.

Dragoner

I don't know enough about sports.
"Your knowledge about EV is not going to be enough by itself. We need to know the EV of our bets, and for that we need EV knowledge and sports knowledge as well."

peleus

Quote Why don't you just bet yourself using your obvious mathematical talents ?

Good one. Use the formula that you said then show the people your numbers. That will work.