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Although everyone who gambles at all probably tries to make a quick mental marginal analysis of the game, in depth analysis of the figures shall reveal how a rational player reacts to better odds, or a lower entry price, or a higher potential payout.
Member rating: No Rating | Words: | Submitted: Mon Aug 18 2003
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Introduction Although everyone who gambles at all probably tries to make a quick mental marginal analysis of the game, in depth analysis of the figures shall reveal how a rational player reacts to better odds, or a lower entry price, or a higher potential payout. I also think it's important to know at least a little bit about the gambling industry, seeing as it nets $6.3 billion a year in revenue in Canada while net annual revenue from alcohol and tobacco sales in Canada is $5.9 billion. When searching for the relationship between Entry Price (E) into a game, the odds of winning that game (O), and the payout of the game (P), one must look at different games that incorporate these three variables. There are three cases to be examined: Case 1 can be represented by a lottery, where E is set, and both O and P are known and...
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