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This would expand to cover licensed movie, video game, celebrity, and board game slots. Variations also include progressive and multi-hand video poker machines.
Anyway, these casino games have the most variations. For example, tri-card poker is identical or nearly identical to 3-card poker. When reading or talking about casino games, you might hear someone refer to them as skill games or games of chance.
You can learn these by studying various books and websites, then practice what you learned at the casino. That all said, skill games are only skill games if you yourself become skilled at them.
Otherwise, they might as well be games of chance. On top of that, few games can truly be beaten for a profit.
Blackjack is one of those games. Some video poker variations can be, too. Other games, such baccarat, pai gow poker, or craps, have strategies or optimal plays or optimal bets you can make to get the house edge down.
After 10 rounds, the expected loss will be 10 x 1 x 5. As you can see, standard deviation is many times the magnitude of the expected loss. The standard deviation for pai gow poker is the lowest out of all common casinos.
Many, particularly slots, have extremely high standard deviations. As the size of the potential payouts increase, so does the standard deviation.
As the number of rounds increases, eventually, the expected loss will exceed the standard deviation, many times over. From the formula, we can see the standard deviation is proportional to the square root of the number of rounds played, while the expected loss is proportional to the number of rounds played.
As the number of rounds increases, the expected loss increases at a much faster rate. This is why it is impossible for a gambler to win in the long term.
It is the high ratio of short-term standard deviation to expected loss that fools gamblers into thinking that they can win.
It is important for a casino to know both the house edge and variance for all of their games. The house edge tells them what kind of profit they will make as percentage of turnover, and the variance tells them how much they need in the way of cash reserves.
The mathematicians and computer programmers that do this kind of work are called gaming mathematicians and gaming analysts. Casinos do not have in-house expertise in this field, so outsource their requirements to experts in the gaming analysis field.
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