Re: Party Poker Sidebets
 

I've posted the EV in several different threads now. I don't know what is so difficult about it. Obviously Vince did no work. He might have been joking with the 0 because if you do not bet then your EV is 0.

Re: Party Poker Sidebets
 

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I've posted the EV in several different threads now. I don't know what is so difficult about it. Obviously Vince did no work. He might have been joking with the 0 because if you do not bet then your EV is 0.

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Yeah, it's amazing. Someone posts the correct math with working and noone wants to believe it or pay it any heed. This is what makes poker is such a great game.

Re: Party Poker Sidebets
 

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you will win and be paid 8 to 1

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try here.

Re: Party Poker Sidebets
 

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you will win and be paid 8 to 1

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try here.

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I'm sorry, I don't understand what you mean.

Yellowjack, I understand your work, I'm just confused at to why an 8 to 1 pay off would be a +7 profit instead of +8?

Edit: Did anyone else notice the sidebet not being offered today? Any idea what this indicates?

Re: Party Poker Sidebets
 

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EV: (1/8.5)*(+$7) + (7.5/8.5)*(-$1) = -$0.05(8823)

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Since you are getting paid 8 to 1 wouldn't the formula be:
EV: (1/8.5)*($8)+(7.5/8.5)*(-$1)=+$0.05(7647059)

What am I missing?

Re: Party Poker Sidebets
 

When it's 8 to 1, the payoff is $8 but you're actually winning $7 (of partypoker's money) + $1 (of your own money) since you momentarily lost the $1 that you used to make your bet with.

Re: Party Poker Sidebets
 

So its actually a 7 to 1 payoff right?

Re: Party Poker Sidebets
 

Yeah, I guess my phrasing is incorrect then. My bad.

Re: Party Poker Sidebets
 

PP said it wrong too. Kinda sneaky of them to say it pays off 8 for 1 so that the good gamblers will take the time to figure the odds then think it is a positive bet. [img]/images/graemlins/grin.gif[/img]

Re: Party Poker Sidebets
 

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you will win and be paid 8 to 1

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try here.

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I'm sorry, I don't understand what you mean.

Yellowjack, I understand your work, I'm just confused at to why an 8 to 1 pay off would be a +7 profit instead of +8?

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It doesn't pay 8 TO 1; it pays 8 FOR 1, which I understand means the same as 7 TO 1. That is, if you bet 1 dollar and win, you get 8 dollars back, 1 of which is the dollar you bet. So you only make a profit of 7 dollars per 1 dollar bet, which we normally refer to as 7 TO 1.

Yellowjack's calculation of the EV is correct. It is about -6 cents per dollar bet.

Note that the chance of winning is 1 in 8.5, or odds of 7.5 TO 1 against, so if they paid 8 TO 1, then the bet would be +EV, but not if they pay 7 TO 1.

I only heard about this "for" terminology recently in connection with craps payoffs. Is it new? Perhaps the latest attempt to fleece customers? I think it really adds confusion to a topic for which there is already much confusion over terminology.