How much money needed to give away X amount of prizes??
This is cross-posted in probability forum and other games forum.
Hey guys, I was hoping you could give me some numbers. A friend's company is hosting a small blackjack party, where they will have a single blackjack table open for up to 12 hours with minimum bets of ten dollars in fake money, max bet of 100 (less if I tell them that's too high). They expect about 60 people to play during the day, and at the end of the day (or the next day at work maybe) they want to give away 25 prize bags worth $50 real dollars each. At what price (in fake dollars) should they sell the bags to make it so that 25 bags will very likely be "sold", without too many more being able to be given away, and how much fake money should they give to each player to start with.
I know there's lots of variance, but just best estimates would be REALLY appreciated!!!
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