Gambling probability problem

#1
A slot machine works on inserting a $1 coin. If the player wins,
the coin is returned with an additional $1 coin, otherwise the original coin is
lost. The probability of winning is 1/2 unless the previous play has resulted
in a win, in which case the probability is p < 1/2. If the cost of maintaining
the machine averages $c per play (with c < 1/3), give conditions on the value
of p that the owner of the machine must arrange in order to make a prot in
the long run.
 

Ace864

New Member
#3
Do you think that it is possible to calculate probabilities of gambling games? Of course, there are some theories and even tasks regarding calculating the dice or other gambling probabilities. But, in my opinion, it is pointless to try to figure out the chances of winning in gambling games. In real life, most of the theories do not work, and you lose despite all predictions. That’s why I prefer betting on soccer games rather than playing cards or gamble in casinos. When you bet on soccer games, you are more likely to win something if you know something about the teams you are betting on.
 
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hlsmith

Less is more. Stay pure. Stay poor.
#4
If the inputs are known, yup. Six sides to a fair die, number of cards in a deck or slots on a Roulette wheel, etc.
 

Dason

Ambassador to the humans
#5
If the inputs are known, yup. Six sides to a fair die, number of cards in a deck or slots on a Roulette wheel, etc.
Come on now - you know better. This is a 3 year old thread about a homework problem. Let's not encourage resurrecting these threads with input that doesn't really add anything.
 

hlsmith

Less is more. Stay pure. Stay poor.
#6
I couldn't remember if you couldn't post a thread until you commented say 6 time or vice versa. I am thinking it is vice versa. But I thought may be they we tryin to hit the eligibility criteria. But yeah, necromancing is all the rage!

See, I just added another non-contributing post to this gem of a relic!