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# 287 Note for HRIM 456 with Professor Durham at PSU

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COURSE
PROF.
No professor available
TYPE
Class Notes
PAGES
9
WORDS
KARMA
25 ?

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This 9 page Class Notes was uploaded by an elite notetaker on Friday February 6, 2015. The Class Notes belongs to a course at Pennsylvania State University taught by a professor in Fall. Since its upload, it has received 23 views.

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Date Created: 02/06/15
ODDS AND PROBABILITY Law of Large Numbers III Definitions I Outcome result of a trial I Trial a single discrete process to determine outcome III Given enough trials the pattern of outcomes will match expected pattern III Roll a die enough times and each number will appear an equal number of times III Pattern is dependent upon large number of trials small numbers of trials will not produce expected pattern Law of Large Numbers Odds based on pattern of outcomes Formula for probability to Ways of winning Total number of outcomes Probability of rolling 7 6 636 16 or l6666 Expression for odds places losing outcomes on left of colon winning outcomes on right of colon E 16 or 51 OWNOO ILQM M O Combinations 11 12 21 13 22 31 14 23 32 41 15 24 33 42 51 16 25 34 43 52 61 26 35 44 53 62 36 45 54 63 46 55 64 56 65 66 Total MOOhO39IOO39Iikwk 36 Cdlculdting Odds III Inside and outside bets II Determined by position of bet on onout III Inside bets straight up street III Outside bets redblock column NEIZOG 15 NHZOG P NEIZOU P E Cdlculdting Odds III Odds of straight up bet III 138 or 263 III 371 III Odds of street bet III 338 or 789 III 353 III Odds of column bet III 1238 III 619 or 3158 III 136 III Odds of black bet III 1838 III 919 or 4737 III 109 Calculating Odds II Odds of drawing a 2 from a single deck of cards I Formula for probability I Ways of winning Total number of outcomes I 4 2s in a deck I 52 cards in a deck I 452 113 or 769 II113 or 121 odds Odds of drawing two 2s from a single deck of cards Draw of second ca rd dependent upon draw of first card odds for second ca rd are altered Think of drawing of cards as separate events 452 x 351 113x117 1221 or 045 or 2201 Calculating Odds III Odds of drawing a III 452 x 1651 naturalin 21 1652x451 II Draw of second card dependent Upon draw B 113 x 1651 of first card odds for second card are 1613X151 al rered I Think of drawing cards 1 16663 16663 2 OS sepa rate even rs I Can draw an ace first or a 10 first III 32663 or 483 or 631 32 Calculating Odds a 5252 x 5151 x u Odds of drawing 2 650 X 349 pairs in 4 cards nDrawofsecondcard n 11 xii X325X dependent upon draw of 349 first card odds for second card are altered I Think of drawing cards 393 1 X 1 X 325 X 349 as separate events I Can draw any card for D 91225 or 073 or first two draws 12169 House Advantage El House Advantage is D De nition expressed as percentage I The difference between the usually odds and the payoff 393 238 El Roulette 393 119 Z 0 I There are 38 numbers n 526quot including 0 and 00 El The percentage that the I Odds of single number is casino expects to hold on 371 average from each trial I Straight up bet pays 351 bet El 2 is house advantage El The fee that casinos charge to offer the gambling experience

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