Sunday, March 11, 2007
Randomness and Casinos
Think of slot machines. The actual result that a given machine will give on any particular pull of the handle is random in many ways. But it is a designed randomness - whether or not a casino will make money on the slot machine is NOT something left up to chance. The individual pulls are randomized, but the effect is not. The individual events are randomized, but the long-range outcome (that the casino winds up winning in the long term) is not.