EliteSports said:
Running a hold 'em game
As a side bet gimmick we are paying a bonus bet (must be placed up front before hand is dealt)
Paying 2 to 1 on any two suited cards, and 10 to 1 on a pocket pair. Is this profitable for the house.?I know that it is 3.25 to 1 for your hands to be suited and 16 to 1 to have a pocket pair. HOWEVER, do we lose the edge since they can win EITHER bet? Please answer if you are in the know. Thank you.
Here is the rationale behind how this is a huge advantage to the players, if anyone is interested.
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**Odds of getting any 2 suited cards would be 235.29 out of 1,000 hands<o
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Calculated: 1st card is completely random and odds of next card are 12 remaining of suit out of 51 or .23529. Assuming the player plays the bonus every time and at a constant amount of $1 over the 1000 hands he has spent $1000. You would be expected to pay 235.29 of those hands the bonus at 2-1 odds resulting in a payback of 235.29 + (2)*235.29=$705.87 making your theoretical profit of the house over 1000 hands equal to $294.13.
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**Odds of getting any pocket pair would be 58.823 out of 1,000 hands
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Calculation: 1<SUP>st</SUP> card is once again random and odds of next card are 3 remaining matches out of 51 or .05823. Once again assuming the player plays the bonus every time and a constant amount of $1, over the 1000 hands he has spent $1000. You would be expected to pay 58.823 of those hands the bonus at 10-1 odds resulting in a payback of 58.823 + (10)*58.823=$647.05 making your theoretical profit of the house over 1000 hands equal to $352.95.
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Separately these wagers hold huge advantages to the house and it would be fine to offer either of them individually; However when combined the advantage shifts to the player extensively.
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**Odds of getting any pocket pair or suited cards would be 294.118 out of 1,000 hands
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Calculation: 1<SUP>st</SUP> card again random, odds of next card are 3 remaining unsuited matches + 12 suited remaining out of 51 cards or 294.118. Assuming the player plays a constant mount of $1 over the 1000 hands, he has spent $1000. The average payback over these winning hands is $4.599. Calculated as follows, 235.29 hands collect $3 ($705.87 total) and 58.823 hands would collect $11 ($647.05) added together gets $1352.92/294.118 hands. Making the theoretical profit for the player $352.92 over 1000 hands at $1 per hand.
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A second point is that the players advantage will decrease with number of players playing since the number of cards that will help each player will decrease depending upon which cards the other players are holding.
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Finally, this can easily be made in to a profitable venture for the house by lowering the odds to even money for suited cards and 6-1 for pocket pairs. This would give the house $117.66 profit over 1000 hands at $1 a hand. These numbers can be tweaked to entice wagering and increase or decrease profit, odds I gave are just a basis for comparison.
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P.S. – I had plenty of time to write this thanks to Kevin Kelley’s strike zone in the Padres-Twins game today. Johan Santana 14 BB's in 106 IP before 7th inning today, 3 walks in 2/3 IP after.
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