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Electronic Gaming Commission

While We cannot confirm that this is the loosest evaluation on the net, it sure wobbles. It is useful to know that there is adequate phone support, but there is nothing more to go with it. When exam ined in February, 2000, e-Gaming did not establish that its members were licensed, and did not list owners, geographic location, how long sites had been in operation, or any of the basic facts that even the industry-answered questionnaire places have. As e-Gaming says, "The approval guidelines are simple... we value honesty, safety, fairness, responsiveness and quality of the gaming operation." Nice, but without even one concrete measure of their sentiments. It appears e-Gaming is a shill.

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The Essence of a Bet
Since the expected value is a loss, we would say that this game gives us a negative expectation. Note that the equation above shows us how we could get the street person to change the game to increase the expected value for us: He could decrease the cost of playing, give us a greater chance of winning by agreeing to pay us off on more than one number on the die, or simply increase the amount that he pays us if we win. If he acquiesced to one or more of these changes, our expected value might come out to a positive number, giving us a positive expectation. That's the kind of game we would like to play. For now, however, the rules of the game give us an expected loss of 16c.

But what exactly does that 16( mean? Obviously it is impossible to lose exactly 16o by playing this game just once; we would either leave behind $1 or take away $4 after a single roll. Once again, we derived this figure using the average results that we expect from the game, and so the expected value of 16C is the average loss per bet that we should expect if we played the game many times. In the short run, our results are very likely to deviate from the long-term trend. (We even have a fairly good chance of being on the winning side for a while.) But the more times we play this game, the more certainly our average results will approach a 160 loss for each iteration.
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