WOULD YOU PAY A QUARTER PER ROUND
TO PLAY $2 BLACKJACK?
By Alan Krigman
Alan Krigman, and his poetic sidekick Sumner A. Ingmark, has been illuminating the dark recesses of casino gambling for more than a dozen years. Mr. Krigman is especially well known for sharing his insights into the mathematics underlying the various games (including blackjack), the influence of volatility and skewness as well as edge on bankroll during the course of a session, and the impact of betting as well as decision strategies on expected performance. A searchable archive of Mr. Krigman's prose and Mr. Ingmark's muse is online athttp://www.iconworldwide.com/winningways/search.php.
Resorts Casino in Atlantic City presently has two blackjack tables with minimum bets of $2. Ordinarily, solid citizens who’d elect to play at this level are unsophisticated and, therefore, not too surprisingly, the playing rules are suboptimal and the house might get 1 percent edge on their action. This edge would generate $0.02 per hand, making the set-up a losing deal for the casino bosses. Resorts circumvents this problem by charging patrons $0.25 per spot per round for bets under $5. With this fee, the effective edge against a nominal 1 percent players edge is 0.01 + 0.25/2 = 0.1350 (13.50 percent) for $2 bets, 0.01 + 0.25/3 = 0.0933 (9.33 percent) for $3 bets, and 0.01 + 0.25/4 = 0.0725 (7.25 percent) for $4 bets.
Is the situation really like taking candy from babies who are more apt to gravitate to these tables?...
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