diceclass - 27 April 2010 01:49 AM
The World Bet is a strange bet and can be a confusing one. The reason the house edge is so high remains in the fact that the 7 yields no profit. It pushes the other bets which include a simple horn. Because you have negated any profit from this bet on the most common number that wins the bet when rolled, the house edge sky-rockets.
That is not the reason the house edge is so high. The Any-7 piece does have the highest HA (16.67%), but the other bets also have edges of 11.11% or 13.89% each. I expect you would say that the Any-7 is a nice hedge against losing the horn bet.
diceclass - 27 April 2010 01:49 AM
I do play the world bet at times. This can be suitable play if you trend a table that has most shooters throwing a horn number or a 7 on the come out roll. Also, I like to bet world’s when I am trending for a horn number, and decide to bet the horn on a particular roll. The minimum horn bet is $4, but to add the Big Red for a buck more to push the bet is all the worth it for me. Since the bet drops after one roll, why wouldn’t you add the most common number to the bet in order to keep the bet up, active and alive?
So, trends come in that specific a variety? Wow!
diceclass - 27 April 2010 01:49 AM
On a come out roll, I would have to disagree using the world bet as a hedge unless you are playing for the table minimum of $5. That is $5 pass line bet on the comeout, with a $5 world bet. Reason being, a natural 7 or 11 wins you enough profit to play the world at no risk. When you add the horn numbers, you add another 6 numbers to your comeout roll that will yield profit, and again put your world at no risk on the next roll. That’s 12 numbers out of 36 (or 33%) that will give you a no risk bet after just one hit.
Higher table minimums mean higher world bet denominations, which mean losing more in the long run. But on a $5 table, and playing the minimum pass line bet, the world is justified.
- Dice Class
On the comeout a natural 7 nets you exactly the same $5 as it would without the World bet. On the 2 or 12, you net $21 instead of $30 if you just bet those numbers. If your pass bet goes to a point, you cannot win, because you’ve already lost your $5 World, so you either break even if you make the point or lose the whole $10 if you don’t. These hedges squeeze everything down, reducing wins and losses.
Let’s looks at what actually happens to a $5 pass and $5 World (only on the comeout):
2/12 bet $10 net $21
3 bet $10 net $ 6
11 bet $10 net $16
7 bet $10 net $ 5
lose point bet $10 net -$10
win point bet $10 net $ 0
If you weight all these, you come out with an HA of 7.37% and a standard deviation of $9.16 per bet. If you played this strategy for a couple of hours, you resolve roughly 60 bets, with an expected loss of $44 and a standard deviation of $71. Just playing the pass line by itself would have an expected loss of about $4 and a standard deviation of $39.
So, your hedge not only increases expected loss very substantially, but has more variance as well. Players who want to be able to play for a long time on a relatively small bankroll should reduce variance - that’s what reduces risk of ruin to its minimum. So, why in the name of sense would you increase expected loss AND reduce variance by making a World bet with every comeout? The only answer is that you actually believe that you can determine when one of those numbers is more probable than at other times. Do you really believe that?
Cheers,
Alan Shank