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Aspects of Keno Modelling

Author

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  • Stephen J Sugden

    (Bond University)

Abstract

In two earlier papers, an intricate Jackpot structure and analysis of pseudo-random numbers for Keno in the Australian state of Queensland circa 2000 were described. Aspects of the work were also reported at an international conference . Since that time, many aspects of the game in Australia have changed. The present paper presents more up-to-date details of Keno throughout the states of Queensland, New South Wales and Victoria. A much simpler jackpot structure is now in place and this is described. Two add-ons or side-bets to the game are detailed: the trivial Heads or Tails and the more interesting Keno Bonus, which leads to consideration of the subset sum problem. The most intricate structure is where Heads or Tails and Keno Bonus are combined, and here, the issue of independence arises. Closed expressions for expected return to player (ERTP) are presented in all cases.

Suggested Citation

  • Stephen J Sugden, 2010. "Aspects of Keno Modelling," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 4(3), pages 31-52, December.
  • Handle: RePEc:buc:jgbeco:v:4:y:2010:i:3:p:31-52
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    File URL: http://www.ubplj.org/index.php/jgbe/article/view/561
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    More about this item

    Keywords

    Fixed odds betting rules; home win; bookmakers’ probabilities;

    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

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