Gambling [Not Dicing]

[WebberD]

Hey, I was just thinking about probabilities of winning in gambling as I am taking a statistics class for school so I understand that in a general gambling situation, in the long run the host/dealer makes profit.

Do people still play the flower game and hot/cold gambling games? Does they make the host nice profit? Is it more beneficial for your bank than monster hunting? Are the hosts in favor to win? Is it against the rules to gamble in RS?

Can somebody break it down for me? And also, do you gamble on RS? How does it work out for you if so.

 

[KerokeroCola]

The thing with gambling is that even with a 55% chance of winning, it takes hundreds or even thousands of trials to have it worth the house's favor. Things can look nice and dandy on paper, but it takes a lot of trails for real-life to catch up with the hypothetical situation on a paper. Vegas casino odds are about 51-53%, but think about how many hundreds of people and thousands of spins/games/dice throws each casino hosts each night.

This means two things: you need a sizeable bank to be able to take 10+ losses in a row (because it does happen), and you need enough renown and trust to do dozens of valuable gambles each day. For hosts in WAD or Dragon Dyce, there is no comparable GP/hr whatsoever; however, for freelance hosts you're better off picking flax.

 

[WebberD]

Hmm, interesting take on it Kerokero.

You think this applies even with hot/cold games? For instance - you charge 1m to play for a 3m item. Wouldnt the profit eventually outlast the cost of losing?

 

[Cheese Toast]

As far as hot and cold goes, each flower has roughly a 14% chance of being planted. This give the better roughly a 42% chance of winning and the host 58%.

 

[WebberD]

Thanks for the %'s

I like to think as gambling in RS as merchanting in a long-term period of time. Unfortunately and fortunately use it to "get rich quick" and it fails...but somebody HAS to profit from that.

 

[WebberD]

8 hour bump.

Still would like more feedback!

 

[video]

Hosts make a LOT of money. The kinds of people who play runescape (males, teens) are very prone to gambling, and hosts provide a secure way for people to gamble. So even though they charge a 10% fee, which is pretty obscene, giving them a higher house edge than vegas roulette even, they get a LOT of bettors

 

[WebberD]

thanks for the clarification video haha. So it seems my assumption is right.

 

[KerokeroCola]

Well your assumption is right, but you have to realize that the market is saturated with hosts. Unless you are "in" with one of the big dice FCs/clans/IRCs, you won't get many bets. Teenage males are greedy and prone to gambling, but they aren't stupid. They will gamble their money with the renowned and trusted gambling clans.

 

[Boww]

Heres my take on gambling, it can fuck you over if you don't know when to stop. I made enough for a santa and 50mRSGP extra in about 6 hours playing, about 2 days ago (first time ever gambling). Then just yesterday, lost it all. lol just know when to stop

 

[Bro.]

you can try and gamble but its really hard to start off,ive tried it before and ended up giving up,my dicing clan was popular to a point,but we couldnt compete with dragon dyce in w2 and they WILL attack your spot to make sure you dont attract some of their profit.but with flower game its totally different and goodluck if you try it

 

[WebberD]

Yeah, I was referring to the flower and hot and cold game nothing else, really.

 

[hugo cabret]

yes the host generally has the better odds of winning but remember stats dont prove everything. u could go 9 losses in a row