tournament at Gold Club Casino

[gdbruyck]

There was a 24 hours tournament at Gold Club Casino. The game was French Roulette and the entree was free. The first price is 50.00 euro, the second 20.00, the third and fourth 10.00 and the fifth 5.00. Each participant has received 5000 chips to play with. The min. bet is 1,00 and the max. bet is 1,000. The max. rounds is 1,000.

The winner has won 237,900.00 chips! The second winner has won 233,201.50 chips. The third winner has won 231,000.00 chips. The fourth winner has won 182,060.00 chips and the fifth winner has won "only" 81,670.00 chips.

I ended fifteenth and have won 33,699.50 chips in about 500 rounds. I stopped playing because I saw that it was of no avail to continue.

Now, dont' you think that if these players would play for real money, the casino would go broke?! So why don't the casino go broke? I am sure that these tournaments are fake!

[GrandMaster]

The essence of the strategy in such a tournament is to bet the maximum you can on a single number until you either go bust or reach a big enough bankroll to win a prize. It is a difficult question to decide how much you should aim for, it depends on what information you have about the others.

I have done the calculations, and the probability of reaching a bankroll of at least 200000 is 0.01978, in other words, just under 1 in 50, so it is not so surprising that some people have reached it. The winners are more than balanced out by the losers, this how the casinos make a profit.