Electronic Roulette How It Works
- Electronic Roulette How It Works Pc
- Electronic Roulette How It Works Free
- Electronic Roulette How It Works Like
People have been betting on horse races since horses have been running. Betting on the outcome of formal horse races can be fun and profitable if you know what you’re doing and can beat the odds. Betting on Horse Racing For Dummies offers lots of info to help better your odds including advice on what to pay attention to and what tools can help you at the track as well as the mechanics of placing a bet, the types of bets you can place, and your odds of winning.
How to Place a Wager on a Horse Race
Betting on horse racing isn’t a complicated procedure. Most often, you place your bet, take your ticket, and tear it up when your bet doesn’t pay off. However, if you’re lucky — or skilled — you get to take your ticket back to the window and collect your winnings. The following list spells out the betting procedure step by step:
Electronic Roulette How It Works Pc
State the name of the racetrack.
State what number race you’re betting.
State the dollar unit of your bet.
State the type of wager.
You can bet on a single horse to win, place, or show or on a combination of horses.
State the number of the horse or horses you’re using.
Check your ticket before you leave the window.
How Monte Carlo Simulation Works. Monte Carlo simulation performs risk analysis by building models of possible results by substituting a range of values—a probability distribution—for any factor that has inherent uncertainty. It then calculates results over and over, each time using a different set of random values from the probability. In the meantime, I found a very interesting 'electronic-automatic' roulette table with a single-zero wheel. Eight players can sit around and each one has an electronic roulette table layout. With the finger, you “touch” the bet(s) you would like to play on the next spin.
Betting Tools You Need at the Horse Races
Along with your sunscreen (or umbrella!), a few items come in very handy when you’re at the racetrack betting on horses. You may want binoculars to see your favorite pass the finish line, but the tools in the following list are even more useful when it comes to actually placing your bets:
Racetrack program: Like a program at a baseball game, it has information on all the players. In this case, the players are the horses, jockeys, trainers, and owners. Cost is $3.
The Daily Racing Form (DRF): It provides the past performances of all the horses running on the day’s program and includes informative horse racing articles and handicapping by DRF staff. Cost is $4.
Public handicapper selections: If your racetrack or OTB (off-track betting) is covered by the local newspaper, they may pay a handicapper to make daily horse selections. Cost is 50 cents.
Handicapping tip sheets: These are daily selections published by handicappers at the racetrack. Cost is $2.
Odds with $2 Minimum Payoff for Horse Racing
You’re betting on horse races and want to know how much your winning bet will give you. To compute your $2 win price, take the odds of your horse and multiply the first number by 2, divide that by the second number, and then add $2 — simple as that! Following is a list of payoffs at various odds for quick reference:
| Odds | $2 Payoff | Odds | $2 Payoff | Odds | $2 Payoff |
|---|---|---|---|---|---|
| 1/9 | $2.20 | 8/5 | $5.20 | 7/1 | $16.00 |
| 1/5 | $2.40 | 9/5 | $5.60 | 8/1 | $18.00 |
| 2/5 | $2.80 | 2/1 | $6.00 | 9/1 | $20.00 |
| 1/2 | $3.00 | 5/2 | $7.00 | 10/1 | $22.00 |
| 3/5 | $3.20 | 3/1 | $8.00 | 11/1 | $24.00 |
| 4/5 | $3.60 | 7/2 | $9.00 | 12/1 | $26.00 |
| 1/1 | $4.00 | 4/1 | $10.00 | 13/1 | $28.00 |
| 6/5 | $4.40 | 9/2 | $11.00 | 14/1 | $30.00 |
| 7/5 | $4.80 | 5/1 | $12.00 | 15/1 | $32.00 |
| 3/2 | $5.00 | 6/1 | $14.00 | 16/1 | $34.00 |
Electronic Roulette How It Works Free
How to Make a Show Parlay Bet on Horse Races
Are you with a group of friends betting on horses at the racetrack? A fun way to bet on horse races that gets everyone in your party involved is a group show parlay. It works like this: Have each person ante up $5, and pool the money. Each person in the group picks one race and one horse to bet to show. Place the first bet, and if you win, parlay the money on the next race and horse. Your winnings can add up very quickly. For example, if four people start with $20 and each person wins a $3 show price, you’ll have $101 after only four races!
Helpful Facts for Betting on Horse Racing
When you’re at the track betting on horse races, you’re looking to put yourself in the best position for winning, right? Of course you are, and the facts and stats in the following list can help you better your odds:
Every racetrack has a television simulcast commentator who handicaps between the races. Listen and see if you can pick up any good tips to bet on.
The top ten riders in the jockey standings win about 90 percent of the races run during the meet.
Favorite horses win about 33 percent of the time, although at low payoffs.
The morning line isn’t who the racetrack oddsmaker likes in the race. It’s his prediction of how the public will bet the race. A no-brainer method of betting overlays is to play a couple bucks on horses going off at odds two to three times higher than its morning line.
Types of Horse Racing Wagers (and Your Chances of Winning)
When it comes to betting on horse races, before you even place a bet on a horse you need to decide what type of bet to place. As the bets you can make range from a simple bet on a single horse in one race to choosing the winning horses for six consecutive races, you may need to the information in the following table to help you explore your betting options:
Electronic Roulette How It Works Like
| Bet Type | Your Chances of Winning | Explanation and Expectation | Suggested Plays (Based upon a $100 Bankroll) |
|---|---|---|---|
| Show | Very good | Your horse must finish 1st, 2nd, or 3rd; modest payoffs | $6 per horse |
| Place | Good | Your horse must finish 1st or 2nd; payoffs better than to show | $5 per horse |
| Win | Average | Your horse must finish 1st; payoff determined by the win odds | $4 per horse |
| Quinella | Average | Your horses must finish 1st and 2nd in either order; a normal play is to box three horses | $2 quinella box using three horses costs $6 |
| Exacta | Hard | Your horses must finish 1st and 2nd in exact order; riskier bet that can pay a little or a lot, depending on the horses’ odds | $1 exacta box using three horses costs $6; $1 exacta box keying one horse with three horses costs $6 |
| Trifecta | Very hard | Your horses must finish 1st, 2nd, and 3rd in exact order; can be expensive to play if you use a lot of horses | $1 trifecta keying one horse to win over three horses costs $6; $1 trifecta keying two horses to win over four horses costs $12 |
| Superfecta | Extremely hard | Your horses must finish 1st, 2nd, 3rd, and 4th; hard to bet unless you have a sizeable bankroll; big payoff possible | $1 superfecta keying one horse to win over four horses costs $24 |
| Daily Double | Hard | Your horses must win the two consecutive races; chance for a nice payoff with mid-priced horses | $2 daily double using two horses in each race costs $8; $2 daily double keying one horse to three horses costs $6 |
| Pick 3 | Very hard | Your horses must win three consecutive races; it’s a daily double plus another race; $1 unit makes it affordable | $1 pick 3 using two horses in each race costs $8; $1 pick 3 keying one horse with three horses in two other races costs $9 |
| Pick 4 | Extremely hard | Your horses must win four consecutive races; chance for a big score for a modest amount | $1 pick 4 using two horses in each race costs $16 |
| Pick 6 | Thinking man’s lottery | Your horses must win six consecutive races; very expensive to play; huge payoffs possible; a home run bet | $2 pick 6 using three singles with two horses each in the other three races costs $16 |
Risk analysis is part of every decision we make. We are constantly faced with uncertainty, ambiguity, and variability. And even though we have unprecedented access to information, we can’t accurately predict the future. Monte Carlo simulation (also known as the Monte Carlo Method) lets you see all the possible outcomes of your decisions and assess the impact of risk, allowing for better decision making under uncertainty.
What is Monte Carlo Simulation?
Monte Carlo simulation is a computerized mathematical technique that allows people to account for risk in quantitative analysis and decision making. The technique is used by professionals in such widely disparate fields as finance, project management, energy, manufacturing, engineering, research and development, insurance, oil & gas, transportation, and the environment.
Monte Carlo simulation furnishes the decision-maker with a range of possible outcomes and the probabilities they will occur for any choice of action. It shows the extreme possibilities—the outcomes of going for broke and for the most conservative decision—along with all possible consequences for middle-of-the-road decisions.
The technique was first used by scientists working on the atom bomb; it was named for Monte Carlo, the Monaco resort town renowned for its casinos. Since its introduction in World War II, Monte Carlo simulation has been used to model a variety of physical and conceptual systems.
How Monte Carlo Simulation Works
Monte Carlo simulation performs risk analysis by building models of possible results by substituting a range of values—a probability distribution—for any factor that has inherent uncertainty. It then calculates results over and over, each time using a different set of random values from the probability functions. Depending upon the number of uncertainties and the ranges specified for them, a Monte Carlo simulation could involve thousands or tens of thousands of recalculations before it is complete. Monte Carlo simulation produces distributions of possible outcome values.
By using probability distributions, variables can have different probabilities of different outcomes occurring. Probability distributions are a much more realistic way of describing uncertainty in variables of a risk analysis.
Common probability distributions include:
- Normal
Or “bell curve.” The user simply defines the mean or expected value and a standard deviation to describe the variation about the mean. Values in the middle near the mean are most likely to occur. It is symmetric and describes many natural phenomena such as people’s heights. Examples of variables described by normal distributions include inflation rates and energy prices.
- Lognormal
Values are positively skewed, not symmetric like a normal distribution. It is used to represent values that don’t go below zero but have unlimited positive potential. Examples of variables described by lognormal distributions include real estate property values, stock prices, and oil reserves.
- Uniform
All values have an equal chance of occurring, and the user simply defines the minimum and maximum. Examples of variables that could be uniformly distributed include manufacturing costs or future sales revenues for a new product.
- Triangular
The user defines the minimum, most likely, and maximum values. Values around the most likely are more likely to occur. Variables that could be described by a triangular distribution include past sales history per unit of time and inventory levels.
- PERT
The user defines the minimum, most likely, and maximum values, just like the triangular distribution. Values around the most likely are more likely to occur. However values between the most likely and extremes are more likely to occur than the triangular; that is, the extremes are not as emphasized. An example of the use of a PERT distribution is to describe the duration of a task in a project management model.
- Discrete
The user defines specific values that may occur and the likelihood of each. An example might be the results of a lawsuit: 20% chance of positive verdict, 30% change of negative verdict, 40% chance of settlement, and 10% chance of mistrial.
During a Monte Carlo simulation, values are sampled at random from the input probability distributions. Each set of samples is called an iteration, and the resulting outcome from that sample is recorded. Monte Carlo simulation does this hundreds or thousands of times, and the result is a probability distribution of possible outcomes. In this way, Monte Carlo simulation provides a much more comprehensive view of what may happen. It tells you not only what could happen, but how likely it is to happen.
Monte Carlo simulation provides a number of advantages over deterministic, or “single-point estimate” analysis:
- Probabilistic Results. Results show not only what could happen, but how likely each outcome is.
- Graphical Results. Because of the data a Monte Carlo simulation generates, it’s easy to create graphs of different outcomes and their chances of occurrence. This is important for communicating findings to other stakeholders.
- Sensitivity Analysis. With just a few cases, deterministic analysis makes it difficult to see which variables impact the outcome the most. In Monte Carlo simulation, it’s easy to see which inputs had the biggest effect on bottom-line results.
- Scenario Analysis: In deterministic models, it’s very difficult to model different combinations of values for different inputs to see the effects of truly different scenarios. Using Monte Carlo simulation, analysts can see exactly which inputs had which values together when certain outcomes occurred. This is invaluable for pursuing further analysis.
- Correlation of Inputs. In Monte Carlo simulation, it’s possible to model interdependent relationships between input variables. It’s important for accuracy to represent how, in reality, when some factors goes up, others go up or down accordingly.
An enhancement to Monte Carlo simulation is the use of Latin Hypercube sampling, which samples more accurately from the entire range of distribution functions.
Monte Carlo Simulation with Palisade
The advent of spreadsheet applications for personal computers provided an opportunity for professionals to use Monte Carlo simulation in everyday analysis work. Microsoft Excel is the dominant spreadsheet analysis tool and Palisade’s @RISK is the leading Monte Carlo simulation add-in for Excel. First introduced for Lotus 1-2-3 for DOS in 1987, @RISK has a long-established reputation for computational accuracy, modeling flexibility, and ease of use.
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