Optimal Keno Strategies and the Central Limit Theorem.

Authors: 
Johnson, R. W.
Editors: 
Goodall, G.
Type: 
Journal Article
Category: 
Teaching
Volume: 
28(1)
Pages: 
26-29
Year: 
2006
Publisher: 
Teaching Statistics
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.

The CAUSE Research Group is supported in part by a member initiative grant from the American Statistical Association’s Section on Statistics and Data Science Education

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