[owelles]

Originally Posted by MSchu

loosest slots in vegas is still a guaranteed looser.
I always laugh when I s ee those advertisements that state something like: "our slots pay 97%!" like that's some great tribute to your investment.

A 97% return slot is still a guaranteed 3% loss on your money... for every dollar you put in, the best you hope for is a perfect situation of .97 return! and that's the best/ideal you can do on that machine.

no thanks

Not at all true, as is pointed out correctly above.

This sounds simple, but the key is to quit when you're ahead. And the law of averages says that occasionally you will get ahead. But the longer you play, the more the law of averages enters the picture, and the law of averages is what keeps the casinos in business.

[cgarcia112]

Useful love the Jeff Foxworthy machine at Orleans a while back.
Had INCREDIBLY repeatable luck at that particular machine.
They are gone now interestingly

Prob just crazy good luck, but was a very gun game too.

[irishspy]

Law of average ? Odds tell the story. What is a loose machine simple their are 2 & 1/2 million number combos in a slot machine. Odds are 16 to 1 for a paying win not the jackpot. The spins are not sequential so when a loose slot is discovered tomorrow it may be a tight one why? winning combo's came up and now loosing ones are appearing. You can jackpot and put money right back in and jackpot again. Don't believe once a machine pays big it is done paying out. Slots are great fun but skill wise it is being on the right machine at the right time. You can rub the machine, bring your lucky charm, pull levers or take money out and put it back in and etc none of that works because the next spin is in place as soon as you push the button on your present spin. You can not beat the odds it is how much Risk you take (amount of bet) which shapes your thinking. Rule of thumb if you have 6 rolls and nothing comes up as a win cash out and go to another machine.

[MSchu]

Originally Posted by owelles

Not at all true, as is pointed out correctly above.

This sounds simple, but the key is to quit when you're ahead. And the law of averages says that occasionally you will get ahead. But the longer you play, the more the law of averages enters the picture, and the law of averages is what keeps the casinos in business.

gamblers logic^

law of averages equalizes Variance... variance should never be computed as a positive, it should be computed as a negative. If it is seen as a positive, that means that the game you are playing, in it's basic mathematical form, is a loosing game ... in that, 97% pay back is a guaranteed 3% loss.

no one would, in their right mind, invest in a vehicle that guarantee a rate of return of -3%.

If one is to look at this in a more logical manner, ONE SESSION can not dictate the games validity to make equity... the sample size is simply TO SMALL.

if you look at all your sessions over say... 10,000 hours of play(a better sample size) you WILL begin to see the truth of it.

anyone can get lucky over a single sitting...

Studying advanced game theory... specially that which has effects of sample size, chaos and the applications to strategy of poker... has really opened my eyes to these "Games of Chance" as they are all quantified by variance being slanted in the houses favor by longer sample sizing.

short term winning has multiple effects, one of which is the endorphin effect of winning for the user in that it keeps said user coming back another fix... which extends the playing session... which places the precision of the mathematical formula strictly in the houses favor.

[dynimagelv]

a TRUE gambler NEVER counts anything other then the LAST place he played.

If he won $10 he's a winner for the trip....nevermind the $10,000 he lost at the joint before that....

[mojavedxer]

A true gambler never counts their winnings or losses. They just worry about the next bundle of cash needed to keep them in action.

[dynimagelv]

True....altho I was referring to what they tell the cab driver on the way to the airport lol

[ScoopLV]

Originally Posted by MSchu

gamblers logic^

law of averages equalizes Variance...

[Much useful statistics and probability overview removed]

We have a winner!

What gets me is that the information is RIGHT OUT THERE IN THE OPEN. We're not trying to hide anything. Anyone who takes a statistics course will come to the realization that casino gambling is a losing proposition from the get-go.

And, if a player uses an understanding about probability to even the odds, they are politely asked to leave.

"I'm sorry, sir, your game is too strong. Would you care to play roulette instead?"

Uh, no thanks.

[swagger]

Originally Posted by MSchu

loosest slots in vegas is still a guaranteed looser.
I always laugh when I see those advertisements that state something like: "our slots pay 97%!" like that's some great tribute to your investment.

A 97% return slot is still a guaranteed 3% loss on your money... for every dollar you put in, the best you hope for is a perfect situation of .97 return! and that's the best/ideal you can do on that machine.

no thanks

Over the long term, sure. Short term, the higher percentage means you have a better chance of walking away ahead.

I rarely play slots. The only time I do is for a few minutes once in a while when I'm taking a cigarette break during a session of poker. I would never play the Megabucks or other progressive machines - there's virtually no chance of walking away from that 5 minute session ahead. There have been plenty of times where I've walked away ahead from a non-progressive/standard slot, though.

[MSchu]

^I am sure you have come out a winner, that's part of the neurosis... and I am sure many many others have also won, but what we need to take into account is the theoretical issues concerning ones ability to gain an equity edge in a particular games mathematical formula.

I also NEVER play slots, it's just not something I enjoy when I take into account EV(expected value) of most all the games controlled by electronics and programability.

neutralizing the house edge will just not be mathematically possible for any period of time where you will show a positive equity edge on an ongoing basis... meaning sustainable profitability.

for this reason, I only play poker.(I might mix in a roulette wheel every now and again, but you need to play roulette in a particular manner in order to gain an edge)