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Optimal Keno Strategies and the Central Limit Theorem |
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| Authors: | Roger W Johnson |
| Abstract: | For the casino game Keno we determine optimal playing strategies. To decide such optimal strategies, both exact (hypergeometric) and approximate probability calculations are used. The approximate calculations are obtained via the Central Limit Theorem and simulation, and an important lesson about the application of the Central Limit Theorem is reinforced. |
| Keywords: | Teaching Simulation Gambling Hypergeometric probabilities |