It is fascinating to know how marbles can be used to explain the house edge and probability. Suppose you are an owner of a local casino and want to run an inexpensive casino game. You buy fifteen marbles, six red and nine green. The marbles should be of equal weight and dimension, else will destroy the fairness of the game. It would be best if you put all the marbles in a paper bag, and players should put their hand in the bag to pick a marble. But before picking up a marble, the bettor must put a stake on the color of the Marble, red or green. The payout for red is 3 for 1, and that of green is 7 for 5.
Odds of the result
There can be two possible results, in this hypothetical casino game; a red marble or a green marble. The probability of choosing green Marble is to divide the total number of marbles with the number of green marbles. As there are nine green Marble out of 15, the probability stands at 9/15, or3/5. In terms of percentage, the odds of picking a green marble are 60%. Since there are six red marbles, the probability is 6/15, or 2/5, in terms of percentage of 40%.
The expected value
The payout odds are expressed in 7 for 5, not 7 to 5. The payouts are determined by the odds. When you win, the reward combines both your stake and winning. If a payoff states 2 for 1, it means you make a profit of one unit. On the other hand, if a payoff states 2 to 1, you make a profit of 2 units. Usually, in casino table games, the payoff is “to” odds; that is, the reward sum includes both the stake and the winning. But in casino betting machines, the payoff is “for” odds, the winning amount does not include the initial stake.
Most bettors will bet on green
Most players will bet on the green Marble, as the probability of winning in the given situation is 60%. But consistently betting on the green Marble will be detrimental to the player. When you gamble in online casinos like tangkasnet, you will never encounter a situation like this. Most casino games have a high house edge, as it is imperative to run the business. But it is not uncommon to find a game, which provides edge to the player.
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