Roulette is one of the most popular casino games. The name roulette is derived from the French word meaning small wheel. Although the origin of the game is not clear, it became very popular during the 18th century when Prince Charles introduced gambling to Monaco to alleviate the countrys current financial problems. The game was brought to America in the early part of the 19th century and is currently featured in most casinos.

The American version of the game that we discuss varies slightly from the European version. The American roulette wheel contains 38 pockets, numbers 1 through 36 plus zero and double zero, which are colored green. The wheel is spun and a small metal ball comes to rest in one of the 38 pockets.

Players will place chips on particular locations on the table, predicting where the ball will land when after the wheel is spun and the ball comes to a stop. The dealer places a mark on the winning number. The players who have bet on the winning number are rewarded while the players who bet on losing numbers lose their chips to the casino.

You can place all sorts of bets with roulette. For instance, you can bet on a particular number, whether that number is odd or even, or the color of the pocket. Youll hear more about other bets when you start playing. One other thing to remember: if the ball lands on a green pocket, you lose.

This week, use Excel's =RANDBETWEEN function to simulate a game of Roulette. I want you to first devise a strategy to WIN money at Roulette. Then, simulate that strategy in Excel. Use a row foe each spin of the wheel. Create columns for your bet, the projected payout, and your winning or losses based on the spin. Then use the =RANDBETWEEN to simulate at least 25 spins. Keep track of how much you win or lose each time. Give yourself... Oh, let's call it $10,000 to start with - you high roller you.

Include your analysis of the game, and your strategy. What do you think your odds are? And in general after this chapter - which would you rather play, Craps or Roulette?

Let's see how you do!

Here are the probabilities, and the payouts.

Roulette Bet	Payout	American Roulette Odds
Single Number	35 to 1	2.60%
2 Number Combination	17 to 1	5.3%
3 Number Combination	11 to 1	7.9%
4 Number Combination	8 to 1	10.5%
5 Number Combination	6 to 1	13.2%
6 Number Combination	5 to 1	15.8%
Column	2 to 1	31.6%
Dozen	2 to 1	31.6%
Even/Odd	1 to 1	47.4%
Red/Black	1 to 1	47.4%
Low/High	1 to 1	47.4%