gilrus47 wrote: "I suggest a 4 year BS in math from MIT might level the playing field."
Probability and Statistics is a high school level course. Entrants to technical colleges are expected to have this already under their belts.
But you don't need to master P&S to gamble, obviously. Just keep your CE (Certainty Equivalence) positive, and you do that by only gambling if your current bankroll exceeds variance/2xEV bets. You can get computer perfect numbers for variance and EV from the interwebs, just beware that you probably won't approach those numbers in the real world of a casino without a lot of practice. And because of the tax situation, if you're going to gamble, you need to gamble a lot, you need to be able to put down at least variance/EV/EV hands in the current tax year, otherwise you're just kidding yourself. Does this sound hard? Well, in many ways, it is. But you do have a choice, you can do something else instead of gambling.
Example: quarter Full Pay Deuces Wild:
computer perfect EV = +0.00762
computer perfect variance = 25.84
bankroll > variance/2xEV = 25.84/2x0.00762 = 1,696 bets
1,696 bets at quarter 5 coin FPDW = 1,696 x $1.25 = $2,120
This is an estimate, for more precision some games have their Kelly numbers available on the interwebs, FPDW is one of them, its Kelly number is 2925, so bankroll > $1.25 x 2925/2 = $1,828.13 .
variance/EV/EV hands = 445,023 hands. You have to be able to play at least this number of hands in the current tax year or you'll be paying a substantial tax penalty.
some Kelly numbers: jazbo.com/videopoker/kelly.html
some variance/EV/EV numbers: west-point.org/users/usma1955/20228/V/Bank_NO1.htm
Patton giving a speach to prospective gamblers: youtube.com/watch?v=9b5g1avyCSA
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Posted by: nightoftheiguana2000@yahoo.com
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