Casino Theoretical Win
It is the likelihood that the casino would win in a game, despite the skills of the players and even luck on their sides. It ensures that at the end of the day that the casino is always in profit. For every game that you play at the casino, there is always the possibility that the casino would win. Theoretical = (Average bet x hours played x hands per hour) x (House Edge / 100) $750 Ave. X 28 hours X 60 hands X.015 = 18,900 is your theoretical From that theoretical we consider 35% as your earned comps. 18,900 X.35 = $6,615 This is how we handle comps when using theoretical, we also consider 10% of loss, whatever is higher. The theoretical hold is: Theoretical Hold = ($20 × 100) / $100 = 20%. The reason this hold is theoretical is that it is not based on the player’s actual results. In practice, this player may have lost his entire buy-in, in which case the hold would be ($100 x 100)/$100 = 100%.
Casino Theoretical Win
- There have been reports in the past that MGM will hack down offers for players who have won a lot of money in recent visits, only restoring them if they lose money later. So MGM does seem to put more weight on the win/loss amounts. What to Expect From Comps. Generally a casino will provide offers that are roughly 20-30% of expected loss.
- I work in a casino that I believe is incorrectly rating players on blackjack. If the formula to calculate the theoretical win goes like this: Average Bet X Bets Per Hour X Total Time Played X House Edge = Theoretical Win It would be in the casino's best interest to know the correct numbers for that formula.
Casino Theoretical Win
Theoretical win and the standard deviations of expected value have been widely covered in numerous articles. Unfortunately for me, the discussion on the topic has seldom been comprehensive enough to be understood by the layperson (meaning me). This post attempts to explain the issue in the simplest possible way. Why is this important? Theoretical win is derived from the probabilities built into any casino game. As all casino games are designed (in theory) to guarantee a return to the casino, the theoretical win (winnings for the player) is always negative while the expected value, also known as expectation (winnings for the casino) is always positive. However, like with all probabilities, an element of randomness exists. The standard deviation of theoretical win thus provides a threshold for casino managers to decide if play has passed the limit where it becomes suspect. Theoretical Win and Expected Value The average of results is determined by the theoretical win formula. Hence, 50% of all