Smart Gambler's Calculator for Palm OS - allows one to calculate the main parameters for fixed-size and fixed-fraction betting.
The main input parameters are grouped into several groups. The first group contains data about the properties of a single bet: probability of winning the bet, and the payoff (prize-to-bet ratio). The second group contains parameters of the gambler's "comfort zone": bankroll, number of games to play (or number of bets to place), and desired profit or prize-to-win in these games/bets.
The calculator shows the expected value (profit/lose in the long run) and standard deviation (variability) of this gambling or investment opportunity.
For the fixed bet, the probabilities of reaching the goal and of losing the bankroll are calculated.
For the fixed-fraction betting strategy, the optimal fraction (percentage) of bankroll is determined.
In contrast to Kelly's system, in which it is assumed that a player is a risk-averse person (so not a gambler) and which is applicable only to games with positive expected values, this system has none of these restrictions. The optimality is determined in the following way. First of all, the optimal fixed-fraction bet should minimize the probability of ruin. In theory, if money were "infinitely divisible," the probability of ruin in fixed-fraction betting is zero. The second objective/criterion is to maximize the probability of reaching the established goal, and the third objective/criterion is to maximize the expected value of the player's bankroll, subject to restrictions set by the previous criteria.
Like it? Share with your friends!
Supported operating systems:
Palm OS 4.x, Palm OS 5.x
Lottery Player's Assistant for Palm OS The Lottery Player's Assistant helps you to estimate the average profitability of regular playing under given conditions, estimate and improve your forecasting abilities,
manage your data and strategies, analyze frequencies of winning num
Life Insurance Premium Calculator With LIPC you may estimate premiums for Term Insurance, Life Insurance, and Pension contracts. All calculations are based on fair premium method and do not count administrative expenses and contribution to reserve funds
NBA Scores Database NBA DB is a free database management system for NBA scores. The current database contains results from 1989 to 2003 and may be modified by users
Faces of the Famous Cube Faces of the Famous Cube - The Faces/Sides of the Famous Cube is a more challenging problem/game than the original Rubik's Cube, because player can see only a one side of the cube. The aim of this game is the same –to reach the state where each side of the cube has all facets with the same color. There are several levels of complexity with 3, 4, and 5 slices per side
Car Troubleshooter Car Troubleshooter is a mini-expert system for finding causes of your car's problem
Simple Internet Fax for Pocket PC Simple Internet Fax for Pocket PC - SIF allows users not only send faxes and emails but also send text messages (up to 160 symbols) on any mobile phone and voice messages on regular/mobile phones in North America (using services of external providers)
Competitive Intelligence Calculator Competitive Intelligence Calculator - Competitive Intelligence Calculator (CIC) estimates competitive intelligence capability of your company/business on three dimensions: risk identification, risk monitoring, and management actions.
CIC is based on the concept proposed by Dr
