Table of Contents
The statistics of roulette
In Roulette there are 18 black, 18 red, and two green slots (0 & 00)
As the ball goes around it is equally likely to land in any slot
If a dollar is bet on red the outcomes are win or lose a dollar
The Probablity of winning is 18/38 or 0.473 (18 red of 38)
The proability is that you will lose 5.3 cents
The variance can be calculated
To yield a standard deviation of plus or minus 0.998
The results for 50 one dollar bets done a number of time
The distibution of these bets is normal
The mean of the fifty bets would be -0.53
The standard deviation of the fifty bets would be
The 14 cents per dollar bet is a long ways from the 99.8 of 1 bet
Most results will be between a lose of 47 cents to a gain of 37
So the final results of fifty $1 bets will as follows
If 1000 $1 bets were made most would lose money
If 100,000 bets are made there is almost no possibility of winning
These are the important concepts which should ne learned
These concepts can and will be extended to manufacturing
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Author: Compaq User
Email: Grow@adm.njit.edu
Home Page: http://www-ec.njit.edu/~grow/statisti.htm
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