10 years ago
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How often do gamblers really win in casinos? New data provides an answer.
How often do gamblers really win? What are the chances that a gambler will win on a single day or over a longer period? Don't bother to ask the casinos. Although they gather vast quantities of data about their customers for marketing purposes, including win and loss tallies for many regulars, casinos keep such information a closely-guarded secret.
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A huge advantage the casino has is the fact that they have unlimited bank. Meaning you can't bust them, but they can bust you... and once you reach 0, there's no way to climb back that day.
Yep, I believe this is called Gambler's Ruin. Here is a great simulation of it http://math.ucsd.edu...t/gamblers_ruin.html
Wow this is cool, thanks for sharing that.
Anyone who plays will lose in the long run. It's why there's no "Professional gamblers".
The only game that's winnable is poker , and that's because you are playing vs other players and not the house. But tyou have to be good!