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Math Help - Gambling numbers racket

  1. #1
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    Gambling numbers racket

    Hi I run a numbers racket in Costa Rica. I will explain how it works. It is a black market lottery in which I have ¨runners¨ or sellers, who sell numbers. My clients can buy any number, or numbers between 00-99 that they wish, and they can bet as much as they would like up to 3,000 colones (about six dollars) at each seller. At six o´clock on tues., fri., and sun I pick up the lists in time to watch the national lottery drawing. The number that is drawn is the number that hits, and I pay 75. Example 27 is drawn and a client bet 1000 colones on 27. I pay this client 75,000 colones.
    I was wondering what my probabilities of winning are, and what could I do to increase them.
    I can also explain in more detail if anyone would like, thanks
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  2. #2
    Grand Panjandrum
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    Quote Originally Posted by Fleetwood View Post
    Hi I run a numbers racket in Costa Rica. I will explain how it works. It is a black market lottery in which I have ¨runners¨ or sellers, who sell numbers. My clients can buy any number, or numbers between 00-99 that they wish, and they can bet as much as they would like up to 3,000 colones (about six dollars) at each seller. At six o´clock on tues., fri., and sun I pick up the lists in time to watch the national lottery drawing. The number that is drawn is the number that hits, and I pay 75. Example 27 is drawn and a client bet 1000 colones on 27. I pay this client 75,000 colones.
    I was wondering what my probabilities of winning are, and what could I do to increase them.
    I can also explain in more detail if anyone would like, thanks
    Assuming that the national lottery is fair and any number in the range 00-99 has an equal chance of being selected then the number selected should on avaerage carry 1% of the stakes in your draw. You pay out 75 times the stake so on average you are returning 75% of the stakes (does the winner recieve his stake back in addition to the 75 times his stake in winnings?).

    So assuming that you return 75 times the stake only, your average return is 25% of the total stakes.

    CB
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  3. #3
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    Thanks for you reply. No the winner does not get the original stake back.
    As the ¨bank¨ I can make up whatever rules I like. I was wondering if limiting certain high selling numbers or blocking other numbers could help me increase my take. Or possibly you have a suggestion that I have not yet thought of.
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  4. #4
    Grand Panjandrum
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    Quote Originally Posted by Fleetwood View Post
    Thanks for you reply. No the winner does not get the original stake back.
    As the ¨bank¨ I can make up whatever rules I like. I was wondering if limiting certain high selling numbers or blocking other numbers could help me increase my take. Or possibly you have a suggestion that I have not yet thought of.
    Placing limits on high selling numbers will not alter your long term take but will limit your risk (that is how much you can lose on an unlucky week).

    CB
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