01-16-2006 01:27 PM
It seems we are all addicted to gambling:
I got in a dicussion with a few friends a couple of years ago, one of which claimed to have increased black jack winnings in Vegas by employing a ramping betting strategy. His strategy was to ramp your bet by one chip everytime you won, and return to a single chip bet when you lost. There were a few other variations, but that was pretty much it. So, if you kept winning your betting would look like 1,2,3,4,5, ... and when you lose you go back to 1.
His claim was that he was "always playing with the house's money when on a winning streak" and that with more money on the table he would "win bigger when he doubled down on a strong hand". I made a simulation comparing the different strategies, and tried to account for probabilities of doubles and such. 5 minutes on the web didn't yield any results for the statistical probabilities of streaks, so I left that out.
The simulations showed that while the eventual outcome of casino gambling is always guarunteed (you lose all of your money), his strategy had higher volatility but didn't last as long as a constant bet.
So, there are 3 ways to win in Vegas: 1. don't play (easy). 2. find a way to get drinks and comps faster than you lose your money (not easy) and 3. count cards (not that hard, but not fun either... and not legal).
Happy Labview gambling,
Casey
01-16-2006 04:14 PM
01-17-2006 01:13 AM
01-17-2006 01:53 AM
01-20-2006 07:22 AM
01-23-2006 07:20 AM
mcsynth,
Now why didn't I think of that???
Fantastic idea... 😄
01-24-2006 11:42 AM
I'm in the middle of writing a Horse Calorimetry program.
We put a horse on a treadmill, get it running up to 35 mph, measure the heartbeat, air content on intake, air content on exhale, and use it all to calculate how many calories the horse is burning.
At least that's the idea... the program works, but the system as a whole has some problems, mostly with the air handling system and the O2 and CO2 analyzers.
01-24-2006 11:54 AM
01-24-2006 12:18 PM
"the system as a whole has some problems"
I thought you were going to say, "getting a horse connected to all of that equipment and still be calm enough to not skew the results."
Otherwise, sounds cool.
Rob
01-24-2006 12:22 PM