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Despite the fact that the gambler usually wins a small net reward, thus appearing to have a sound strategy, the gambler's expected value remains zero because the small probability that the gambler will suffer a catastrophic loss exactly balances with the expected gain. In a casino, the expected value is negative, due to the house's edge ...
Oscar's Grind is a betting strategy used by gamblers on wagers where the outcome is evenly distributed between two results of equal value (like flipping a coin). It is an archetypal positive progression strategy. It is also called Hoyle's Press. In German and French, it is often referred to as the Pluscoup Progression.
Chuck-a-luck, also known as birdcage, or sweat rag, [1] is a game of chance played with three dice. It is derived from grand hazard and both can be considered a variant of sic bo, which is a popular casino game, although chuck-a-luck is more of a carnival game than a true casino game.
The three-dice sum wagers either are on a range ("small" being a sum of 4 through 10, inclusive; "big" being a sum of 11 through 17, inclusive), a specific sum, or whether the sum is odd or even. All of the three-dice sum wagers lose when the three dice roll a triple. The most common wagers are "Big" and "Small".
These perfect dice from the Tropicana Atlantic City have been retired by drilling a hole completely through between the 1-6 faces; the four-digit serial number on the 6 face has been partially obliterated, but it started and ended with a 4. The dice used at casinos for craps and many other games are sometimes called perfect or gambling house dice.
A betting strategy (also known as betting system) is a structured approach to gambling, in the attempt to produce a profit. To be successful, the system must change the house edge into a player advantage — which is impossible for pure games of probability with fixed odds, akin to a perpetual motion machine. [ 1 ]
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Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. [1]
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