{"id":839491,"date":"2017-01-24T09:28:12","date_gmt":"2017-01-24T17:28:12","guid":{"rendered":"http:\/\/www.gamblingwithanedge.com\/?p=5024"},"modified":"2017-01-24T09:28:12","modified_gmt":"2017-01-24T17:28:12","slug":"not-thought-knew","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/blog\/not-thought-knew\/","title":{"rendered":"Not What I Thought I Knew"},"content":{"rendered":"

I enjoy reading. I read both fiction and non-fiction — on a wide variety of subjects. Periodically I look at \u201cBest Books of xxxx\u201d lists to see if anything looks interesting. One such list included the novel Mata Hari\u2019s Last Dance<\/em> by Michelle Moran.<\/p>\n

I vaguely remembered learning decades ago that Mata Hari was a seductress and a spy in World War I — but I didn\u2019t know anything else about her. So, I ordered a copy from the library, figuring that if I couldn\u2019t get into it in a few chapters, I didn\u2019t have to finish it.<\/p>\n

Mata Hari, the stage name of a Dutch woman named Margaretha Zelle MacLeod, was a dancer who, beginning in 1905, didn\u2019t mind baring herself at a time when others didn\u2019t do that. She also took several lovers over the years. To keep the mystique going, she regularly fabricated tales — especially to the press. Any novelist trying to get to the truth — and trusting contemporary accounts — was going to have to make some educated guesses as to the actual facts. In the end, nobody can be sure what the whole truth is — simply because there will always be conflicting accounts.<\/p>\n

By the time the war started, Mata Hari was nearing 40 years of age and her career was eclipsed by imitators who were younger and better dancers. She made some mistakes and the French believed (probably erroneously) that she was a German spy.\u00a0 They executed her in late 1917. Whatever spying she did was amateurish at best. The novel presents her circumstances as tragic — although it was clear that she was unwittingly her own worst enemy at times.<\/p>\n

Plus, since that\u2019s the only book I\u2019ve read about Mata Hari, most of my \u201cknowledge\u201d comes from that particular book and that author\u2019s point of view. I\u2019m assuming the book was fairly accurate (as historical fiction goes), but I don\u2019t have a depth of knowledge to know for sure.<\/p>\n

Although I enjoyed the novel and reading about an era I didn\u2019t know much about, let\u2019s bring this discussion to gambling.<\/p>\n

Many video poker players only \u201cknow\u201d either what they\u2019ve heard from somebody else or they \u201cknow\u201d things about which they\u2019ve made some semi-educated guesses and stuck with. While it may be intuitively \u201cobvious\u201d to some that from K\u2660 K\u2665<\/span> 7\u2663 7\u2666<\/span> 3\u2660 you hold the kings and not two pair, that play is usually incorrect. From K\u2665 T\u2665 3\u2665<\/span> 7\u2663 4\u2666<\/span>, it may seem trivial that the best play is to hold exactly two cards (and it is sometimes), but there are games where holding no cards is better, other games where holding one card is the best, and still others where three cards is superior number to hold.<\/p>\n

I am somebody who accepts that for most players most of the time, choosing the play with maximum expected value is the way to go. Virtually all long-term successful players use these strategies. There are theoreticians who devise special strategies which have different goals than max-EV, but I\u2019ve never used such a strategy and do not intend to.<\/p>\n

How do you figure out what the best max-EV strategy is? Simple. Use a computer program that provides you that information instantly. I sell such a program (Video Poker for Winners<\/em><\/a>) but there are others on the market as well.<\/p>\n

The computer program will tell you how to play one hand at a time. That\u2019s fine, but there are 2.6 million different hands — or slightly more than 130,000 if you treat all suits as being equal. That is, if you consider 7\u2663 7\u2666 A\u2666 9\u2666 4\u2666<\/span> to be \u201cessentially identical\u201d to 7\u2665<\/span> 7\u2660 A\u2660 9\u2660 4\u2660, then you\u2019ve cut the possible number of hands to learn by a factor of about 20. Surprisingly to most novices, 7\u2665<\/span> 7\u2660 A\u2660 9\u2660 3\u2660 is considered to be a totally separate hand than the previous ones.<\/p>\n

Exactly how to simplify these things into a usable strategy is a discussion we\u2019ll leave for another day. Modern software products do this for you — some better than others. Various authors have done the heavy lifting for you and present usable strategies — and again, some better than others.<\/p>\n

I teach classes for those who prefer to learn by listening rather than figuring things out by themselves. (Author\u2019s note: The next semester of free video poker classes at the South Point will begin at noon Wednesday, January 25, at the South Point in the Silverado Lounge. See bobdancer.com for the complete class schedule.)<\/p>\n

Back to the question of \u201chow do I know<\/em> this is the right way to go?\u201d Short answer is: (drum roll please) I don\u2019t!<\/p>\n

I do, however, believe<\/em> I\u2019m going about this the right way. And I\u2019m betting many tens of millions of dollars a year on this belief. So, the question is:\u00a0 Why<\/em> am I so confident?<\/p>\n

    \n
  1. I\u2019ve been doing this for more than 20 years with a great deal of success. That isn\u2019t a guarantee that I\u2019m right. Luck plays a part in all results. Still, long term success tends to build your confidence.<\/li>\n
  2. A lot of really smart players do it the same way. Bob Nersesian regularly says that the smartest people he knows are professional gamblers. I agree. And most smart, successful video poker players I know are using techniques similar to those I use.<\/li>\n
  3. I have many contacts among casino executives, game manufacturers, gaming lawyers, game designers, mathematicians, and whole bunches of successful gamblers in other disciplines. I\u2019m a sponge for new knowledge. I\u2019m always tweaking what I do. You don\u2019t get good in a vacuum. The more you talk to people in other somewhat related disciplines, the better you understand how things work.<\/li>\n
  4. Other smart gamblers accept me as an expert in video poker. If I was way off base, someone knowledgeable would have probably said why. And I probably would have listened. I do read authors I disagree with. I can often gain something from what they say. Nobody has a monopoly on intelligent strategy and it pays to keep an open mind.<\/li>\n
  5. Going through the process of putting your thoughts into words and letting any and everybody challenge them has a way of making you a lot sharper. People do<\/em> find errors in my writing sometimes. I am far more grateful that I get to learn something new than I am embarrassed at being found imperfect. I accepted decades ago that I can\u2019t walk on water.<\/li>\n
  6. I\u2019ve been reading and studying gaming strategies for many decades. Bright people tend to get good at what they spend their time doing.<\/li>\n<\/ol>\n

    Put this all together and I\u2019m confident in what I say about video poker. I am far less confident in what really happened to Mata Hari, although I know more about her situation than I did a month ago. I likely won\u2019t read another biography of her ever — but who knows? While I enjoyed the novel, becoming a history-professor type of expert on her is not in my plans.<\/p>\n","protected":false},"excerpt":{"rendered":"

    I enjoy reading. I read both fiction and non-fiction — on a wide variety of subjects. Periodically I look at \u201cBest Books of xxxx\u201d lists to see if anything looks interesting. One such list included the novel Mata Hari\u2019s Last Dance by Michelle Moran. I vaguely remembered learning decades ago that Mata Hari was a […]<\/p>\n","protected":false},"author":15763,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[643,557],"tags":[],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/839491"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/users\/15763"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/comments?post=839491"}],"version-history":[{"count":0,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/posts\/839491\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/media?parent=839491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/categories?post=839491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/shop\/wp-json\/wp\/v2\/tags?post=839491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}