700 light yrs West of Milky Way Galaxy's Center United States
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September 1, 2019
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Quote: Originally posted by Stack47 on Feb 1, 2022
"Standard deviation is why "Probability and odds are slightly different ways of expressing the same thing."
"Probability is the extent to which an event is likely to occur, measured by the ratio of the favorable cases to the whole number of cases possible." and "Odds are defined as the probability that the event will occur divided by the probability that the event will not occur." and standard deviation is "a quantity calculated to indicate the extent of deviation for a group as a whole"
The odds of rolling a five on a six sided die 1:5 and those same odds exist in every roll. If you bet $1 you'll roll a five and do, you'll win $5*. There is a probability a five and each side will be rolled once every six rolls, but highly unlikely each of the six sides will be rolled 20 times in the next 120 rolls. Some sides will be rolled more than 20 times while others will be rolled less and the standard deviation can be calculated. It's an example of something showing why"Probability and odds are slightly different ways of expressing the same thing."
*Also expressed as "5 to 1" when the player keep the bet. Lotteries keep the bet so their odds are expressed as "for 1".
"*Also expressed as "5 to 1" when the player keep the bet. Lotteries keep the bet so their odds are expressed as "for 1"."
Huuh,.. The "House keepz the bet money" no matter how the expression iz written...whether it'z dog racing, horse racing, Lotteries or Sportz gambling..az I've said , those are the Clinical definitionz of Theoretical Probability.
Question?.. Which female Bear iz most likely to attack you?
1.One walking without any Cubz.?
2. One walking wit her Cubz?
But remember , Female Bearz are Theoretically KNOWN to attack.
the answer will largely depend on CURRENT Conditionz..!!
Oh, well, it just may be just az good ov an idea to let Ole Punxsutawney Phil predict whether or not yo numberz will hit in the following 6 wkz ov yo Game.
Let'z see if we can git JuliaM to git Phil to look at her Canadian website..!!
-Stat$talker
...MATH... The final Stochastic frontier...
These are the Lottery Voyages of Stat$talker..!!
The ongoing Mission,..to seek out the Laws of "Probability Math"...
to master its rules to invoke...to Conquer ALL Major Jackpots..!!
...To boldly go,... Where NO Player has gone before...!!
Kentucky United States
Member #32,651
February 14, 2006
10,305 Posts
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Quote: Originally posted by Stat$talker on Feb 2, 2022
"*Also expressed as "5 to 1" when the player keep the bet. Lotteries keep the bet so their odds are expressed as "for 1"."
Huuh,.. The "House keepz the bet money" no matter how the expression iz written...whether it'z dog racing, horse racing, Lotteries or Sportz gambling..az I've said , those are the Clinical definitionz of Theoretical Probability.
Question?.. Which female Bear iz most likely to attack you?
1.One walking without any Cubz.?
2. One walking wit her Cubz?
But remember , Female Bearz are Theoretically KNOWN to attack.
the answer will largely depend on CURRENT Conditionz..!!
Oh, well, it just may be just az good ov an idea to let Ole Punxsutawney Phil predict whether or not yo numberz will hit in the following 6 wkz ov yo Game.
Let'z see if we can git JuliaM to git Phil to look at her Canadian website..!!
-Stat$talker
I'm pretty sure Floyd knows the difference between betting terms of "for 1" and "to 1" and probably knows a thing or two about casino table games like blackjack, craps, roulette, other table games along with horse, dog racing and sports betting.
"The "House keepz the bet money" no matter how the expression iz written...whether it'z dog racing, horse racing, Lotteries or Sportz gambling."
If you saying the "house keepz" an even money blackjack bet, you would need to win 100% of your bets just to break even. Or will the player keep the "bet money" and the house pays the winnings?
I believe UK will beat Vandy tonight and the moneyline is +200 so if bet $200 to win $100 and win, will the house keep my "bet money" and pay me $100 or if UK wins, will the house pay me $100 in winngs and returnthe $200 stake?
Maybe the term "to win" is confusing you, but in most other forms of gambling like casino table games, horse and dog racing sports betting odds are expressed as "to 1" meaning the bet is returned to players and "for 1" means the house keeps the bet.
"Theoretical Probability"
Is that like saying there is a probability the number "8" will be drawn five times in the next 70 MM drawings? Maybe say there is also a probability that any of the 70 numbers will be drawn five times or does using "theoretical" change the overall probability and current conditions?