Casino Life:

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Phil Watts. Casino Life:

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Therefore, the key to understanding gambling is that the payoffs are a reward. Every spin on a roulette table provides a possible reward. A bet on the outside of the table will result in a win almost half the time (i.e. there are 18 red, 18 black, and 1 green number on a standard European roulette wheel, and 2 green numbers on an American roulette wheel — the odds are around 47 per cent for a win). What does that mean on a practical level? It means that you can double your money.

Many casino games have bonus sections. For example, on the different forms of poker tables bonus jackpots are paid for a Royal Flush (i.e. 5 consecutive cards in the same suit comprised of the 10, Jack, Queen, King and Ace). The probability of that occurring is nearly 650,000 to 1, but the pay-off varies from $100,000 to over $3,000,000. The thought of the reward overcomes a consideration of the odds. The belief underpinning this is that “Somebody’s got to win it” (and somebody else invariably does). Books about gambling note that these side bets have the worst odds, but the bets are popular due to the size of the payout.

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