Re: Totalbet 10% refund on Craps losses
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I cash in for $1,000. I place $1,000 on the pass line knowing the house has a 1.4% advantage. If I lose then I cash out my $100 refund and never play again. If I win then I cash out my $2,000 and never play again.
Now, normally 50.7% of the time I lose $1,000. 49.3% of the time I win $1,000.
.507*-($1,000) + .493*($1,000) = -$14.00
However, I get $100 back if I lose, so I really only lose $900 instead of $1,000. Thus, my EV is
EV = .507*(-$900) + .493*($1,000) = $36.70
How is this -EV?
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XChamp,
Please see my post where I rescinded my previous comments.
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