It's Good To Be The House
Last night while I played in a FR, just to pass the time so I wouldn't donk out, I read this golden thread entitled
is it just me, or is roulette easy to make money on?
Well, the thread is about a member (who is now banned, by the way,) who makes a post revealing his super system for winning at roulette. You can read the thread for more hilarious details, but it boils down to the poster not understanding odds
. So I read the entire thread, invested some time in it while I played, got to the end and there was no climactic ending. I felt like I had wasted my time. Throughout the day today, I thought about the thread here and there, and then it hit me. One of the main points against the original poster was that the 0 and 00 made his system, and actually all of roulette, a losing proposition. He was betting the outside 12 numbered groups, which pay 3-1. So if you bet on one group, you have 36 total numbers and 12 are outs, 36-12 equals 3-1 right? Well yes, but the total numbers that can hit isn't 36 but 38 making your odds of hitting 38-12 which is 3.17-1 which is what? Ah, yes -Ev. This was a nice light bulb for me. I've understood pot odds
, and getting your money in with the best of it, but this thread really put it home for me. I've always dreamed, "man, it would be nice to own a casino", sure it would, offering bets where the payouts are shorter than that of the odds of winning. It puts odds in a nice mental framework, I basically want to offer and accept bets where I have the edge...I want to be the house.