Internet
Gaming Commission |
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Well, the Cayman Sportswebsite and Two-For-One Sportswebsite
are at it again. They have set up a sister site known
as the Fiji Sportswebsite and once again are offering
two-for-one on your initial deposit. These are the
same individuals who have taken thousands of dollars
from unsuspecting gamblers and never returned a penny.
Their Western Union Pick-Up names are Howard Brown,
Steven Jackson and Arthur Brown. My advice: DO NOT
DEAL WITH THESE SITES OR INDIVID-UALS.
This Clearwater, Florida, commission also offers news
re-ports, dispute resolution, and solid information
about odds and other gambling issues. Members even
get an e-mail address. If the Internet Gaming Commission
is what it says it is, then it is a good opportunity
that will become what the players make of it. This
is my pitch for people to join. |
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Expected value = (Chance
of Winning x Amount of Win) - Cost of Playing |
|
That
last step didn't appear to accomplish anything, but
it will actnally allow us to greatly simplify the
equation. In this expected value calculation, either
we will win or we will lose; there's no third outcome.
Thus, the chance of winning plus the chance of losing
has to add up to 100 percent, or l. It follows that
(1 - W) has to be equal to the chance of losing, which
we will call L. Let's substitute that into our equation:
This formula for expected value works for any simple
proposition, including a poker bet, car insurance,
and extended warranties, in which we pay a certain
amount and have a certain chance of getting something
back in return. We can easily modify this expression
for our purposes here by substituting poker terminology
where appropriate. The expected value and chance of
winning terms can remain. The cost of playing is the
amount of the bet that we make.
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