Category: Concepts
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Predict Your Casino’s Future Earnings from Past Data – Linear Regression Linear regression is a statistical tool for projecting future outcomes based on previous historical data. A good example of this would be using the average wager to win/loss data from patrons to project how much a casino would be making for a particular period.…
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Creating A Casino Game We’ve discussed the process for the creation of a casino game, namely: Calculating possibilities using combinatorial analysis Calculating the expectation Setting the odds Let’s use a simple example – something I saw in a Chinese drama. The game involves using 5 coins and tumbling them in an opaque container. The container…
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We have seen how knowing the expectation enables us to set the odds of games. If you recall, the formula for calculating the expectation for any wager is : (Probability of winning x the amount a wager would win) – (Probability of losing x the amount a wager would lose) So, if you wanted to…
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What if you wanted to compare different areas with different numbers of machines on your gaming floor? What if you wanted to know if a certain area was receiving more profit than another? In a previous post, we looked at how we can measure the effects of a change in machine settings on the earnings…
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Chi2 The Chi2 distribution tests for the difference between the observed and the expected in terms of frequencies. We can apply this to a simple example: In double-zero roulette, we have 38 numbers and the expected probability of any one of these numbers appearing is 1/38 or 0.026316 or 2.6316%. Now, assuming you track all…
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Analyzing Gaming Results using the Binomial Mean and Standard Deviation In the previous post, we talked about the mean and standard deviation when analyzing the results of games. We discussed the Central Limit Theorem and how the majority of results of games would fall within the -1σ to 1σ region of a bell-curve. Here it…
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Mean and Standard Deviation in Gaming In the previous post, we talked about the long term expectation of games derived from the probabilities of outcomes in casino games. How about measuring results in the short-term such as when the results of shoes or player activity appear inconsistent with the expected values? Let’s face it, they…
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Probability The basis of all games of chance is the concept of probability. What is probability? Probability refers to the chance that an event will occur. Probability is a value that ranges from 1, for an event that will definitely occur, to 0, for an event that will never occur. We get the probability of…
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Do you need to compare results of an experiment or a marketing plan? Have you just changed the settings of your slot machines and aren’t sure whether the change resulted in a real difference in earnings? Have you just completed an intensive player promotion programme and need to find out whether it was effective? Statistics…
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