Your client is seeking your advice Ms South Paw has received

Your client is seeking your advice. Ms. South Paw has received $15,000 in inheritance and would like to increase her asset by visiting the great city of Biloxi. Her favorite game is craps, and two of her favorite casinos offer different betting options. Casino 1 offers a $100 minimum bet, $500 maximum bet and Casino 2 offers a $300 minimum bet, $1,500 maximum bet. To simplify things, she will play only the minimum or maximum and she will bet one hand at a time. She wants to you to determine which casino she should use and whether she should bet the minimum or maximum. [Note: To keep things simple for Ms. South Paw, she has requested to make only one bet per dice roll. If she does not lose or win, her chips are taken off the board and a new bet is made.] 1. Pass Line bet a. 7 or 11 = win (1:1; double your bet) b. 2, 3, or 12 = lose your bet c. any other number = nothing happens Using a MATLAB program, run a simulation to show which option will give her the best probability to increase her asset to $20,000 or more.

Solution

Answer:

This strategy can be adopted to create simulation for the experiment:

While playing the craps you have to utilize this best betting strategy :

1. Constantly gamble with excess money, never gamble with dear money.

2. Do not make the bets when the house has a huge advantage.

3. Bets the layout that players make himself.

4. When free odds become equal to flat pass line don\'t pass bet.

5. Know about the important odds and payout available on your bets.

6. Stay away from the fool wagers.