Casino Operations Management
Casino Operations Management HRIM 456
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This 0 page Class Notes was uploaded by Keegan Smith on Sunday November 1, 2015. The Class Notes belongs to HRIM 456 at Pennsylvania State University taught by Steven Durham in Fall. Since its upload, it has received 20 views. For similar materials see /class/233021/hrim-456-pennsylvania-state-university in Hospitality at Pennsylvania State University.
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Date Created: 11/01/15
Gaming and Casino Management Industry and Emphasis Overview Casino Industry Casinos in Pennsylvania Gaming and Casino Management Gaming and Casino Management Introduction to Gaming and Casino Industry Casino Controls Gaming Operations Management Internship Casino Marketing Casino Operations and Societal Impact Gaming and Casino Management Other Benefits Gaming and Casino Management Graduates 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 l7 I Odds based on pattern of outcomes II Formula for probability M Ways of winning Total number of outcomes El Probability of rolling 7 636 2 16 or 16666 El Expression for odds places losing outcomes on left of colon winning outcomes on right of colon W 16 or 51 OWNOO ILQM M O Combinations 11 12 21 1 3 22 31 1 4 23 32 41 1 5 24 33 42 16 25 34 4 3 5 2 61 2 6 3 5 4 4 5 3 3 6 4 5 5 4 6 3 4 6 5 5 6 4 5 6 6 5 6 6 51 62 Total MOOhO39IOO39Iikwk 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 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 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 of first card odds for D g second card are altered I Think of drawing cards 1 16663 16663 as separate events I Can draw an ace first or c 101cmr II 32663 or 483 or 631 32 Calculating Odds a 5252 x 5151 x I Odds of drawing 2 650 X 349 2 pairs in 4 cards nDrawofsecondcard n 11 x11 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 first two draws El 91225 or 073 or 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