What is probability theory and how can you use it to increase your odds of winning in Las Vegas?

Question

What is probability theory and how can you use it to increase your odds of winning in Las Vegas?

Answer 1

The term odds is often used in theory of probability, especially the branch dealing with gambling. The most correct usage of odds points to the degree of difficulty for an event to occur. The odds are N to n or (N – n) to n. It is widely used in horse racing. ”The odds for Horse X to win are 5 to 2”. The N to n case represents the odds against.

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Answer 2

The best way of increasing your odds when playing casino games is to chose a game with a low, or even better a negative house edge, and then play optimal strategy for the game. Find a list of house edge and strategy for casino games here: http://www.winningonlinepoker.eu/html/ca...

Answer 3

There are no games in Las Vegas with a positive expected value for the player (that is, a negative house edge), in general.

The only way to get the "house edge" is to bet in favor of the house every time.  This means playing "Don't Pass/Don't Come" on craps, and playing with the "House Bank" in Baccarat.  You will find that your wins are VERY LOW!

To paraphrase from an OLD movie: "Strange game...The only way to win is not to play.  How about a nice game of Chess?"