Just what is the expected value!
If you are just playing at a casino for a bit of fun, after all, most casino goers fall into that category, then this blog post will not be of much interest to you. If though, you are someone who visits a casino with the sole intention of making money, then please read on.
If you spend any time with pro gamblers, whether casino players, sports bettors or those who bet on the horses, you will often hear them talk about expected value or EV. Expected value is a mathematical term which when used in relation to gambling means the expected amount of money that you would be expected to win over the long term by using a specific system for your gambling activities.
By taking the expected value into account you can decide what kind of gambling system best suits your attitude to risk. As an example, let’s look at a popular game in the casino, roulette. Now you may be the kind of person who would rather encounter smaller winning bets, but to have them more often, you may just enjoy placing even money bets on black for instance. At the other end of the scale, you might be the type of person who only bets on a certain number with every spin of the wheel.
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The wins will obviously not be as regular but when your bet is successful you will win more. To find out exactly what the EV will be of any approach, it needs to be calculated over the long term, not just over a few spins of the wheel, and whilst this blog is not the place to describe various mathematic calculations it should definitely be noted that this value is ‘expected’ not definite.
It is however a great way to determine if any system or method that you are considering to use will make the ‘expected’ profit to suit your gambling style.
Try and find out the ‘expected value’ of any system or gambling method that you are thinking about using, it could turn out to be a real eye opener.