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3 February, 00:45

Explain the law of large numbers. how does this law apply to gambling casinos?

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  1. 3 February, 00:53
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    The law of large numbers states that when a random process is repeated many times, the frequencies of the observed outcomes get increasingly closer to the theoretical probabilities. This law of numbers work to the advantage of casinos. The advantage is because when the player's risk is concentrated on little numbers of rounds or hands, the casino's risk is spread out among all the games and bets that are in play.
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