Wolfram Demonstrations Project

This Demonstration shows the effectiveness of common betting strategies against different winning probabilities, with presets for roulette supplied.

constant bet: always bet the same amount of money

Kelly criterion: current winnings

(see [1])

constant fraction: always bet a fixed fraction of the total amount of money in hand

martingale: bet the same after a win; double the bet after a loss (so all money lost will be returned after a win)

anti-martingale: bet less after a loss, more after a win (to keep going on "winning streaks" and to minimize losses on "losing streaks")

pay out odds: uses decimal odds form (2.0 means if you stake 10 dollars, you get 20 dollars back, including the 10 you bet)

25 trials: gives you the average money won by 25 people playing the specified number of games

Roulette and other information from [2] and [3].

References

[1] Wikipedia. "Kelly Criterion." (Aug 3, 2012) en.wikipedia.org/wiki/Kelly_criterion.

[2] M. Shackleford. "Wizard of Odds." (Aug 3, 2012) wizardofodds.com.

[3] Wikipedia. "Roulette." (Aug 3, 2012) en.wikipedia.org/wiki/Roulette.

Embed Interactive Demonstration New!

Just copy and paste this snippet of JavaScript code into your website or blog to put the live Demonstration on your site. More details »

RELATED RESOURCES

Mathematica » The #1 tool for creating Demonstrations and anything technical.	Wolfram\|Alpha » Explore anything with the first computational knowledge engine.	MathWorld » The web's most extensive mathematics resource.	Course Assistant Apps » An app for every course— right in the palm of your hand.
Wolfram Blog » Read our views on math, science, and technology.	Computable Document Format » The format that makes Demonstrations (and any information) easy to share and interact with.	STEM Initiative » Programs & resources for educators, schools & students.	Computerbasedmath.org » Join the initiative for modernizing math education.

Betting Strategies: Should I Play or Run Away?