Mr Hudson's Evil Betting Game

Play at least three games. Play until your balance exceeds £250 or you run out of money. At the end of a game transfer your statistics to an Excel workbook and then click refresh to restart the game. After three games do the analysis at the bottom of the page.

Step 1: How much will you bet?

Press to add £10

Press to start again

Current bet.

Step 2: Decide what you will bet on.

Payback = 2 for 1

Payback = 5 for 1

Payback = 2 for 1

Step 3: Stop the dice to see if you win.

Payback

Bank Balance

Get your Statistics.

Analysis of this Game.

Open an Excel spreadsheet and copy the statistics generated by the "Get Statistics" button across into it.
Do this for a few sets of games.
Draw line graphs, on the same axes of these results.
Use part of your spreadsheet to construct the sample space of 36 possible outcomes for rolling two dice.
Colour those that sum to 7 in red.
Colour those that sum to less than 7 in blue.
Colour those that sum to more than 7 in green.
Now calculate the theoretical probability for each of these outcomes.
If you played this game for a long time would you make or lose money?
Give reasons to support your answer.

Modelling the Game in Excel

This formula models the <=6 and >=8 outcomes. Put 100 into cell A1 and then copy this formula into A2. Then copy it down the rest of the A column

=IF(RAND() > 5/12,A1 - 10,A1 + 10)

This formula models the =7 outcomes. Put 100 into cell C1 and then copy this formula into C2. Then copy it down the rest of the A column

=IF(RAND() > 1/6,C1 - 10,C1 + 50)

In both cases the initial stake was £10. You need to copy it down for 100 cells or so. Turn it into a graph and then press F9 to repeat the expt lots of times. Can you win on a long enough run?

Produce a one side of A4 report on your findings.