Frequently Asked Questions about Miscellaneous Topics
Last update: May 25, 2007
Other FAQ's
Gambling
Other Topics
I'm going on a casino trip soon and want to make just one large even money bet. What would you recommend I bet on?
I would recommend baccarat. The best odds are on the banker, at a house edge of 1.06%, but you will only win 95% of your bet amount. If it must be an even money bet then bet on the player, at a house edge of 1.23%. The reason I don't suggest blackjack is because if you don't have money to double or split, then the house edge is about 2.3%.
I invented my own casinon game? I'd like to seek your advice on how to get it into the casinos and how much money can I expect to make from it?
Please read my comments on marketing new casino games.
What is your favorite casino game?
In no particular order, my four favorites are: poker, sports betting, blackjack, and video poker. It is not a coincidence that these are the only four games in which a skilled player can consistently have an advantage.
I don't want to waste all day searching your site so you can tell me quickly what are the best 2 or 3 games to play in the casino.
The games offering the best odds, assuming you play proper strategy, are: (1) blackjack, (2) video poker, and (3) craps.
How about narrowing that down to just one?
Blackjack.
Are you involved in options trading? It seems a person
of your background in mathematics and willingness to take
risks would make a strong player in this arena?
Thank you for your confidence in my abilities.
However, my involvement with the stock market has been
limited to several simple buy and sell trades. Given the
amount of money I have to play around with, the
commissions would make more (and smaller) transactions
prohibitive.
In a poker game with wild cards which is higher a
royal flush or a five of a kind?
Unless otherwise stated, the five of a kind.
Do you have any advice for playing tournaments?
This is a huge topic, which I could talk about all day. Until I write up something, my advice it to get the book "Casino Tournament Strategy" by Stanford Wong.
Your site seems to lacking in content on money management. What do you recommend on that topic?
Money management is very overrated. There is no method of bet sizing that is better than any other, measured as the ratio of expected loss to amount bet over time. If you want to minimize variance, as I like to do, then flat bet. If you want to risk a lot for a high probability of winning a little then press your bets after losing. If you want to win a lot at the risk of a high probability of losing a little then press your bets after winning. If you want to act crazy then just fly by the seat of your pants. The more you play the closer your results will approach the house edge no matter your style of money management.
If you are an advantage gambler, then I recommend the Kelly Criterion.
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