Chapter 1 Quiz

1. The basic odds, which are sometimes also called the "true odds",

Determine whether a game can be beaten in the long run.
Determine the amount of money won or lost over the long run.
Define how often a specific kind of wager will be won.
Are determined by the game rules.

2. The real working odds of a game are determined by

The interaction between the payoff odds and the game rules.
The true odds.
The interaction between the true odds and the game rules.
The ratio difference between the basic odds and the payoff odds.

3. If the basic odds are 1 in 20 against a wager being won and the payoff odds are 20 to 1, the game  

Is an even payoff game
Carries a 4.76% edge against the player
Is an even odds game
Carries a 5% edge for the player

4. If the payoff odds are 35 to 1 and the wager stands to be be a winner only once in 38 rounds on average, then the return rate is

36 of 38
38 in 36
35 to 38

5. If odds are said to be 8 to 1 in favor of a particular wager being won,

The basic odds could be correctly expressed as 1 in 8.
The game is a certain long run winner for the player
The payoff odds would be correctly expressed as 8 to 1
The basic odds could be correctly expressed as 8 in 9.

6. Which is the better gamble in terms of the long run cost of play, three coins per round on a 25 cent slot machine with a 95% payback, or three coins per round on a $1 machine with a 99% payback?

The $1 machine.
The paybacks are the same.
The 25 cent machine
None of these.

7. In games where the odds are known, the long run is,

The point where the frequency of all possible outcomes exactly match the game odds.
Is rapidly achieved by the players in most casino games.
Is never reached except by the casinos themselves.
When the difference between the actual and predicted win/loss percentages have become irrevocably small.

8. . A standard deck of 52 cards has 4 aces. What are the basic odds of any ace being the first card dealt from a freshly shuffled deck?

1 in 13
52 to 4
52 of 4
4 in 48

9. . If a wagering option in a table game has a 95% return rate and the payoff odds are 40 to 1, the basic odds are

2 in 5
1 in 41
1 in 43
39 to 1

10. The chances of coming out a winner in the short-run are

Not determined by the game odds at all
Determined by the length of the basic odds versus the return rate.
Are always the same as the chances of loosing.
Determined by how much the player is willing to bet.