In the US, there are two kinds of casinos: a “classic” casino and a “modern” casino. In the classic casino, every player wins exactly the same amount. In the modern casino the cards have a greater chance of finding a winner, which is why you might lose more money on a roulette table than on an ATM. For example, a $100 bet can take you out of the $100 hole only at a $200 casino. You cannot win $1,000,000 at a $100 casino. So how does one earn $1,000,000 at a $1,000,000 roulette table? The answer lies in the “choke rule”: if the last card is a $100, you must still win $100 if the last card is a $100, or you win nothing.
The idea behind the choke rule was discovered by American chemist Louis Pasteur in the late nineteenth century when he observed that when he placed bets in a glass of boiling water, all the betters got water, and all the losers got steam. When he added sugar to the water, all the betters got more sugar with no effect. Pasteur found this odd. Why? He reasoned that when you add sugar you are making it easier for the water to take away your money. So why did the betters get a larger amount at the boiling water than the betters at the sugar water? He reasoned that because the sugar was making the water more easy to get away with your money, your money would take longer to disappear.
In the late nineteenth and early twentieth centuries, economists studied how many people went broke betting on roulette tables with “lowest odds”. And it turns out that very few people lose money, and that the higher the odds on a roulette table, the lower the amount you win. In 1869, for example, an average game of roulette in the US cost $0.40, a penny lower than the average wage in New York in 1870 (0.40 x $0.40 = 0.40 cents), but when it was at the highest possible odds of 1 in 1,000 million, the average person lost about 15% of his or her money. So why did the average American gambler lose so much money on their gamble?
“Lowest odds” is a legal term that refers to the “highest” chance of an outcome. An American roulette table at 1 in 1,000 million is very high
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