Calculations for Betting on #8 in Las Vegas

A pair of dice has a total of 36 possible combinations. There are six ways to roll a 7: 6+1, 1+6, 4+3, 3+4, 5+2 and 2+5. There are five ways to roll an 8: 6+2, 2+6, 5+3, 3+5 and 4+4. So the odds of rolling a 7 on any one roll are 6/36 or 16.67%. And the odds of rolling an 8 on any one roll are 5/36 or 13.89%, or 6 to 5.

The House pays even money on Big 6/8 bets which gives them a edge of 9.09%. On Place bets the House pays 7 to 6, which reduces their edge to 1.52%. So, by moving your bet one foot, you decrease the house edge by over 83%.

If you bet substantial amounts on wagers such as Big 6 & 8 they will comp you the best room in the house. Even when you make the best #8 bet in the casino they have an edge of almost 3%. These are the percentages that the huge casino complexes are built with - and so are successful internet marketing campaigns.

Detail

Bet: Big 8
Hours Played: 4
Total Rolls of dice per Hour: 90
Total Rolls: 360
Probability of 7 being rolled: 16.67% (6/36)
Probability of 8 being rolled: 13.89% (5/36)
Assume number of 7’s actually rolled: 63
Assume number of 8’s actually rolled: 66 (got lucky)
Wager per bet: $30.00
Number of Wagers: 129
Total Wagered: $3,870
Total Lost (63 x $30): ($1,890)
Total Won (66 x $30): $1,980
Winnings: $90

Bet: Place Bet on #8
Total Lost: 63 x ($30) = ($1,890)
Total Won: 66 x $35 = $2,310
Winnings: $420.00

Increase:
Big 8 Winnings: $90
Place Bet Winnings: $420
Difference: +$330 for Place Bet Strategy
% Increase in Winnings: 367%

Luck comes and goes - Knowledge is permanent!

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