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avatar+2489 
+7

(Assuming the player pays nothing to play)

 

Black Ball probability 0.80

                                $1 Ball drawn probability 0.75    Expected Value = 0.80 * 0.75 * 1 =  $0.60 

                                $7 Ball drawn probability 0.25    Expected Value = 0.80 *0.25 * 8 =   $1.40

                                                                                                                          Sum         $2.00

 

White Ball probability 0.20

                                $8     Ball drawn probability 0.889    Expected Value = 0.20 * 0.8889 * 1    =    $1.42

                                $500 Ball drawn probability 0.111    Expected Value = 0.20 * 0.1111 * 500 =   $11.11

                                                                                                                                          Sum       $12.53

                                                   

                                                                                 Sum of expected values   2.00 + 12.53 = 14.53

 

Expected win per play $14.53

 

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I like to play the ponies. It’s a great venue to apply statistics and probability, and it is a lot of fun. It’s even more fun when you win more often.  A basic understanding of statistics helps to separate the whinnies from the neighs.

 

When the Troll-Master was tutoring me in statistics, he sent me links to two vids that parody the sport.

 

Classic Spike Jones with one of his many classical music parodies.

https://www.youtube.com/watch?v=BavRrRNvz8g

 

This one is contemporary and quite funny. Note that it has “adult” language. I’ve heard variations of this many times, but I never realized it was a horse race until I saw this.  laugh

https://www.youtube.com/watch?v=T0Zl9t8o6Es

Sep 18, 2016
 #1
avatar+118654 
+10
Sep 18, 2016
 #3
avatar+26 
0
Sep 18, 2016

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