| Company | AdvMathAppl |
| Website | http://www.advmathappl.com |
| Country | US |
| Email | support@advmathappl.com |
| Os | Palm OS 3.0, Palm OS 3.1, Palm OS 3.2 |
| Requirements | Casl library |
| Language | English |
| Release Date | 30 08 2004 |
| License | Freeware |
| Limitations | |
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PDA:Palm OS:Games:Cards
Views 432 (+0) / Rating 3.18 / Freeware
By AdvMathAppl
Smart Gambler's Calculator allows one to forecast the main parameters for fixed-size and fixed-fraction betting.
The main input parameters are grouped into several groups. The first group contains data about the properties of a single count: probability of winning the count, and the take (prize-to-bet ratio). The second group contains parameters of the gambler's "consolation zone": bankroll, count of games to caper (or count of bets to rank), and desired profits or prize-to-win in these games / bets.
The calculator shows the expected value (profits / lose in the long outpouring) and standard deflection (variability) of this gambling or investment opportunity.
For the frozen count, the probabilities of reaching the goal and of losing the bankroll are calculated.
For the fixed-fraction betting strategy, the optimal fraction (percentage) of bankroll is determined.
In contrast to Kelly's scheme, in which it is false that a participant is a risk-averse individual (so not a gambler) and which is applicable only to games with positivistic expected values, this scheme has none of these restrictions. The optimality is determined in the following room. First of totally, the optimal fixed-fraction count should understate the probability of bankrupt. In theory, if money were "infinitely divisible, " the probability of bankrupt in fixed-fraction betting is nought. The second objective / criterion is to maximize the probability of reaching the conventional goal, and the third objective / criterion is to maximize the expected value of the participant's bankroll, matter to restrictions set by the previous criteria.
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