Small reminder why / how casinos don't lose on $1 million win

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  • acquavallo
    SBR Sharp
    • 03-16-18
    • 352
    #1
    Small reminder why / how casinos don't lose on $1 million win
    85-Year-Old Gambler Wins $1 Million On $5 Casino Bet - Poker News
    https://www.cardplayer.com/poker-news/23503-85-year-old-gambler-wins-1-million-on-5-casino-bet
    It was a jackpot so rare, that the Borgata Hotel and Casino had never paid one out before. In fact, experts said the chance of it happening were one in 20,348,320! Harold McDowell was playing Three Card Poker at the Atlantic City casino when he placed a $5 bet on the Six Card Bonus. He was given the A Q 10, while the dealer held the K J 9. The six-card royal flush was worth a $1 million payout, drastically more than the $200 or so he had on the table. “It must be the luck of the Irish,” the 85-year-old told the New York Post. The retired public works director from Lakewood, New Jersey was sitting next to his wife when the hand was dealt. Just a day earlier, the couple received the good news that Mrs. McDowell was now cancer free after undergoing numerous surgeries for liver and colon cancer over the last few years. “I had my back to her. I turned around and said, ‘I just won a million dollars.’ She told me, ’You’re full of...


    "...first time this bet has hit in Borgata's 15½ year history...wizardofodds.com confirms that the odds of hitting the 6 card Bonus are 1 in 20,348,320.”

    True Odds Payout x $5 Bet = $101.75 Million - Whatever Casino Hold

    Potential life-altering, 9 fig payout is reduced to "how far am I going with this, I certainly can't retire on it" = LESS THAN 1% what it should be. His million payout(before withholding btw) on $5 is less than true odds for a 5 cent bet.

    It's bad enough that Fed/State/Local could take more than ½ the winnings off the top...and even if you had tax-exempt diplomatic ID, big penetrating deal.

    Life sucks...and then you die.
    Tags: None
    • sjm5122
      SBR MVP
      • 09-22-08
      • 4213
      #2
      Are you factoring in the EV of other payouts on that bet prop though? Im sure it isn’t 1% total on that bet.
        Comment
        • KVB
          SBR Aristocracy
          • 05-29-14
          • 74866
          #3
          lol, of course they short the winner on the odds.

          The hold becomes ridiculous on some of the games.

          That's what it's all about.
            Comment
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