Spring ‘10 Term Project Casino Game Overview

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Presentation transcript:

Spring ‘10 Term Project Casino Game Overview

Slot Machines Most popular and most profitable -> more than 60% of the annual gaming profits in United States

The Game Player inserts a coin and pulls a handle to rotate a series of reels that have pictures printed on them Winning or Losing is determined by what pictures line up with the pay line (a line in the middle of viewing window) If each reel shows the same picture along the pay line, the player wins Payout depends on which pictures land along the pay line Typical payout ranges from 82% - 98% Reels are typically 3 in number Certain single images are sometimes winners as well

How Casinos Make Money on Slots Colorado Payback Percentages Bet Black Hawk Central City Cripple Creek 1¢ Slots 90.50%  91.05% 91.82% 5¢ Slots 93.18% 93.77% 93.36% 25¢ Slots 94.33% 94.75% 95.19% $1 Slots 94.84% 95.63% 95.16% $5 Slots 95.42% 94.43% 94.90% All 93.08% 93.63% 93.88% The best returns for each category are highlighted in bold print

How they work? Random Number Generator (RNG) is the heart of slot machine Computer uses an algorithm to determine the appropriate reel spot Machines run continuously to defeat pattern recognition

How to Play Slot Machine? Demo How to Play Slot Machine?

Video Poker

The Game Player places a bet of one or more credits by inserting money in to the machine Player presses a “Deal” button to draw cards Player can either keep or discard one or more cards in exchange for a new card drawn from virtual deck Machine evaluates the combination of cards Payout offered varies depending on the cards combination and posted pay schedule Virtual deck – Deck of cards displayed on the computer screen

Casino Strategy Consider a 5 card video poker game also known as hand A deck consists of 52 cards Selecting 5 cards out of 52 in any order yields: Casino picks up a few hands out of all possibilities and determines the payout Payout is determined according to the quality of hands Hand – A combination of 5 cards in a video poker game Quality of hands – Card combinations ranked in order of hierarchy

Hand Categories Royal flush Straight flush Four of a kind Full house Three of a kind Two pair Jacks or better Hand Categories are in the descending order of payout

How Casinos Make Money on Video Poker - The Payout Hand Payout Royal flush 800x Straight flush 50x Four of a kind 25x Full house 9x Flush 6x Straight 4x Three of a kind 3x Two pair 2x Jacks or better 1x Payout multiple is determined by the casino Payout always less than the odds of achieving the hand Royal flush (A-K-Q-J-10) has the highest payout Jacks or better (AA, JJ, QQ, KK) in the 5 card combination has the lowest payout Payout multiple – Player investment multiplied by a whole number Example: If a player wins a royal flush the casino pays 800 times the amount invested by the player

Gamer Strategies Always hold the card combinations mentioned in the payout table With 3 of a kind opt for a new combination of 2 cards to win a full house With 2 pairs of cards discard the 5th card for a chance at a full house Break up a flush or a straight only when you have 4 cards to a royal flush Ex: If you have A-K-Q-J-9 all of clubs, discard 9 to take a chance for Royal flush if you get a 10 of clubs Break up a pair of jacks or better if you have 4 cards to a royal flush or 4 cards to a lower straight flush Keep a low pair (say 2-2) instead of a single high card (J, Q, K or A)

Demo How to Play Video Poker?

Blackjack

Objective Blackjack - Combination of ace and ten-value card Aim of the Game: ‘Beat the Dealer’ If your Cards total > Dealer's Cards without going over 21, you win Blackjack is not about getting a 21 or getting as close to 21 as possible

Rules of the Game 15 Values: 2 - 10 – Valued at Face Value Jack, Queen & King – 10 Ace :“Fluctuating” Value of both 1 and 11 (More on it later…) The total of any hand is the sum of the individual card values in the hand 5 Face Value 10 Face Value 1/11 Face Value Soft: It cannot be busted with the draw of any one card Hard: It can be busted with the draw of any card This “fluctuating” ace value can cause confusion in the early stages of acquaintance with the game.  15 5 Face Value 10 Face Value

Rules Continued… Soft Hand: Hard Hand: If Current Total <= 10, then Ace = 11 Example: 2+4+A = 17; 7+3+A = 21 Hard Hand: If Current Total > 10, then Ace = 1 7+4+A = 12 Current total of card

Rules Continued… Blackjack Table: Semi Circular Table Chips must be bought from the dealer or from another table Player puts his bet in the Betting Circle After all bets are made, the play begins

The Real Deal – Playing the Game You receive two cards face up Dealer receives one face up and one face down Card Down-Card - Hole Card Dealer usually checks his hand(Peeking) for a Blackjack Your Cards Dealer Cards

The Real Deal – Playing the Game After you look at your initial two cards and see the value of one of the dealer’s two cards, you must make a playing decision. This includes the following: Hit: You want the dealer to give you another card Standing: You are satisfied with the total of the hand and do not want any more cards Surrender: You may give up your hand immediately and receive half of your initial bet back

The Real Deal – Playing the Game Some more Rules Doubling down: You can double your bet in return for receiving one and only one draw card Pair Splitting: When you split you must make another bet equal to your original bet. By pair splitting, you play each card as a separate hand and you can draw as many cards as you like to each hand Double Down - He may take no more than that one extra card Pair Splitting

Some Key Facts Unlike you, the dealer in blackjack has no playing option A dealer must draw another card when his hand totals less than 17 A dealer must stand when the total is 17 to 21 If your hand total >Dealer’s Hand, then you Win and get paid at 1:1 odds = Dealer’s Hand, the hand is Tie and you get your chips back > 21, you Lose

How Casinos Make Money on Blackjack Casino may loose on any one hand/player Over multiple hands/players the odds favor the casino Good card counting can tip the odds in favor of the player Not illegal but aggressively “discouraged” by the casino

Videos Online Blackjack Practice Online Blackjack Tutorial

Poker

Objective Poker – Best hand of 5 cards based on predetermined rules Aim of the Game: ‘Player with highest-ranking hand wins’ Multiple Variations such as Texas Hold’em, Omaha, Stud and more… Texas Hold’em: Most popular variant Highest Ranking Hand = 5 Best Cards

How Casinos Make Money on Poker Players compete against each other, not the casino Dealer takes a percentage of the pot as the casino’s profit The “rake” is generally 5-10% of the pot Dealer removes chips while the hand is played Highest Ranking Hand = 5 Best Cards

Rules of the Game Values: Ace :Highest Value Deuce/2: Lowest Value The suits have no ranking; they are all equal Lowest Value Highest Value

A B A B Hand Ranking High Card One Pair Hand A (Ace high) beats Hand B (King high) One Pair A B Hand Rankings remain the same for all forms of Poker High Card: In the event of 2 people both having nothing, the hand with the highest card wins If two hands have the same high card, the next highest card is the deciding factor One Pair : In the event of two people both having a pair, the hand with the highest pair wins Hand B (pair of Kings) beats Hand A (pair of Queens)

Hand A (three Tens) beats Hand B (three Eights) Hand Ranking Two Pair A B Hand A (Pair of Kings, pair of Threes) beats Hand B (pair of Queens, pair of Jacks) Three of a Kind A B Hand Rankings remain the same for all forms of Poker Two Pair: It is the highest pair which is the deciding factor. If two hands have the same two pair it is how high the fifth card (or kicker) is which is the deciding factor Three of a Kind : It is the highest three of a kind that wins If two hands have the same three of a kind, it is the kicker which is the deciding factor. Hand A (three Tens) beats Hand B (three Eights)

B B A A Hand Ranking Straight Flush Hand B (King high straight) beats Hand A (Seven high straight) Flush A B Straight: Five consecutive cards (any suit) in a row If two players both have a straight, it is the player with the highest straight who wins A combination of A-2-3-4-5 Cards is the only time when the value of Ace is 1 Flush: Five Random Cards of Same Suit If two players both have a flush, it is the player with the highest flush who wins Hand B (Ace high flush) beats Hand A (Queen high flush)

B B A A Hand Ranking Full House Four of a Kind Hand B (Queens full of Twos) beats Hand A (Sevens full of Tens) Four of a Kind A B Full House: It is three of a kind and a pair and a pair The highest three of a kind is the deciding factor. If both hands have the same three of a kind, then the pair decides the winning hand. Four of a Kind: In the very rare occurrence of two players having four of a kind, it is the player with the highest four of a kind who wins Hand B (four Queens) beats Hand A (four Tens).

B A Hand Ranking Straight Flush Hand A (Ace high straight flush) beats Hand B (Jack high straight flush Straight Flush: Highest Hand in Poker Rankings 5 Consecutive cards from the same suit

Videos Online Poker Tutorial

American Roulette

Roulette Wheel Layout Red and black numbers alternate All red numbers are opposite the black numbers Every odd number is opposite the next higher even number Usually two odd numbers alternate with two even numbers Most numbers are part of a pair, with one number between them. The sums of these pairs are either 37 or 39

Roulette Table Layout Two sections: Inner Section Outer Section

Inner Section Contains individual numbers presented on the wheel ‘Rows’ have 3 numbers ‘Columns’ have 12 numbers

Outer Section Has betting areas which correspond to a characteristic of each number or to certain group of numbers

How Casinos Make Money on Roulette - Inside Bets The Payoff is always less than the odds Bet Chip Example Bet Payoff Odds Straight Up A 30 35:1 38:1 Split Bet B 11 or 14 17:1 38:2 Street Bet C 19, 20, 21 11:1 38:3 Corner D 25, 26, 28, 29 8:1 38:4 Five Numbers E 0. 00, 1, 2, 3 6:1 38:5 Line Bet F 4, 5, 6, 7, 8, 9 5:1 38:6

How Casinos Make Money on Roulette - Outside Bets The Payoff is always less than the odds Bet Chip Example Bet Payoff Odds Column G Set of Column Numbers 2:1 38:12 Dozen H 25 through 36 Red or Black I Red Numbers 1:1 38:18 Even or Odd J Odd Numbers Low or High K 19 through 36

P(win)*Payoff + P(loss)*Original bet House Edge House Edge – Amount the player loses on average relative to the bet P(win)*Payoff + P(loss)*Original bet Example (Inside Bet): Consider an $1 inside bet (Chip A) with probability of winning: 1/38. The payoff for winning is $35 (35:1) House Edge (A) = (1/38)*($35) + (37/38) (-$1)= -$0.053 P(loss) = 1 – P(win)

House Edge Example (Outside Bet): Consider an $1 inside bet (Chip H) with probability of winning: 12/38. The payoff for winning is $2 (2:1) House Edge (H) = (12/38)*($2)+ (26/38)*(-$1) = -$0.053 P(loss) = 1 – P(win)

House Edge Conclusion: For a $1 bet of any kind the player loses $0.053 to the Casino

Demo How to Play Roulette? How to Play Roulette? How to Play Roulette?

Craps

Objective Craps – ‘Wager on the outcome of two thrown dice’ Easy to understand game Types of betting can be tricky Craps is played against the casino Act of rolling a pair of dice on the Craps table, and predicting there outcome, by placing bets or wagers on them Several gamblers at a time Craps is played against the dealer of the house

Craps Table Craps Table: Specially designed table Left Side Center Side Right Side 4-5 Attendants around the table 2 Base Dealers take bets on either side of the table Craps Table

Betting Come out Roll : First roll of dice Pass Line Bet Win on 7 or 11 Lose on 2, 3, or 12; replace bet and repeat Comeout Roll If 4, 5, 6, 8, 9, or 10 is rolled this number becomes the “point”; proceed to Point Roll Point Roll Win if “point” is rolled before rolling a 7; lose both bets on 7 Don’t Pass Line Bet Opposite of Pass Line Bet Win on 2, 3 or 12 Lose on 7 & 11 Winning the Pass Line Bet Losing the Don’t Pass Line Bet Losing the Pass Line Bet Winning the Don’t Pass Line Bet

Betting Come Bet Place Bet If point number is known Made any time during the shooter’s game Predicts the next roll of dice Win on 7 or 11 Lose on 2, 3, or 12 Place Bet  If point number is known Bets placed on 4, 5, 6,8, 9, 10 Win on 4,5,6,8,9,10 Lose on 7 or 11 In craps the 4,5,6,8,9, and 10 are known as the Point Numbers Winning Place Bet

The Real Deal – Playing Craps Player Places Bet Shooter Rolls the Dice Dice Passed to other Player Based on Shooter Rule Dice Rolled Again and Dealer sees Winning & Losing Bets Winning Bets Are Paid Out Next Round of Play Begins Shooter: Player who rolls the dice Player take turns being the shooter Shooter Rule: The Shooter continues to roll the dice until he 'Craps Out' by rolling a 2, 3 or 12 Shooter – Player who rolls the dice

How Casinos Make Money on Craps The Payoff is always less than 100% Casino may loose on any sequence Over multiple sequences the odds favor the casino Bet Payoff Pass 1:1 Don’t Pass Any Seven 4:1 Place 10 to Win 9:5 Place Against 8 4:5 Hard Four 7:1

Tutorial Online Craps Tutorial

For Next Week Quiz 2 on Wednesday On Friday CULearn based quiz available from 7:30 – 11:30 AM On Friday Team sign-ups Submit your self-elected three or four person teams to your recitation leader Review project outline

Recitation Section: ____________ Recitation Leader: _____________ Team Sign-ups Recitation Section: ____________ Recitation Leader: _____________ Team Member 1: ______________ Team Member 2: ______________ Team Member 3: ______________ Team Member 4: ______________ Remind the students what there recitation section number is and remind them of your name (many will have already forgotten). On Friday, 1/29 students will turn in these forms with one, two or all three team members listed. Have them print out this slide from the recitation lectures on CULearn. Only one form per team is necessary. RLs will create teams for individuals not associated with full three member teams – will report back during recitation of 2/5. Report to Keith/Jim the final results of the teams by Tuesday, 2/2.