A Tutorial-Based Approach to Teaching the Mathematics and Strategies behind Gambling Payouts

Abstract

Roulette is a popular gambling game due to its simplicity and attraction of high payouts and it is purely based on chance. It is essential to know about the various payout strategies adopted by gambling houses before deciding to venture into any game of gambling. This tutorial paper mathematically analyzes the payout strategies adopted by the gambling houses for the game Roulette based on simple probability concepts. From the presented mathematical analysis, it can be easily verified that the payout strategy is fixed in favor of gambling houses and there is rarely any chance for a gambler to win on a long-term average. Finally, to maintain the neutrality of chance between the gambler and the gambling house, appropriate payouts are proposed for one set of common bets and relaxations for another set of common bets in Roulette.