The risk of the roll : a mathematical analysis of casino dice games
Daniel Widmann · Cardinal Scholar (Ball State University) · 2013
A mathematical and probabilistic analysis has been performed on two casino, dice games, one historic and one current. On-The-Level 36 was a popular game of the 1920s which used six dice, and craps is one of modern day’s most fast-paced, most exciting, and most complicated games played in the casino. The house advantage of each game will be computed. A focus will be placed on craps due to its complexity and the number of bets available to gamblers. It also has among the best odds that a gambler is likely to see in the casino (less than 1 % house advantage!). Like all games, gamblers must avoid the sucker bets and follow the optimal strategy. The probabilities and expected values behind various bets on the craps table will be discussed. I will analyze the optimal strategy and present a craps game simulator (coded in Excel VBA) which is used to analyze different strategic nuances associated with the optimal strategy.