The original wheel of fortune... Big Six is a pretty simple game to comprehend and a nearly impossible game to win at. There are much better odds to be found in the casino, but sometimes we just can't resist throwing a dollar on the high payout numbers just to see what happens.

Big Six Rules

See full list on vegastripping.com. There’s no strategy needed, just the anticipation and thrill of the spin of the Big Six wheel!

A large spinning wheel is mounted vertically on a spindle, much like a bicycle rim. The wheel is divided into small sections demarced for monetary denominations ($1, $2, $5, $10, $20) plus a Joker and another wild card spot which is usually the name of the casino. The player places a wager on the table on the denomination they desire, the croupier spins the wheel. If the wheel stops on your number, you win. If it dosen't you lose. Simple eh?

Big Six Payouts

Bet Payout $1 - 1:1
$2 - 2:1
$5 - 5:1
$10 - 10:1
$20 - 20:1
Joker - 40:1
Casino - 40:1

Why You Shouldn't Play Big Six

The odds here are very much not in your favor. The break down of the wheels 54 numbers are as such:
Bet # of Spaces for that number
$1 - 24
$2 - 15
$5 - 7
$10 - 4
$20 - 2
Joker - 1
Casino - 1

Big Six House Advantage

True odds for Big Six are (roughly):

$1 - 2:1
$2 - 3.5:1
$5 - 7.5:1
$10 - 13:1
$20 - 26:1
Joker - 54:1
Casino - 54:1

So even if you do happen to hit on these numbers, the casino is taking a chunk of your winnings already by the way their payouts are structured. The house advantage for this game ranges from 11% for $1 to 24% for the Joker and Casino bets.

Our advice - stay away from this game unless you got a couple dollars to throw away and some screaming and hollaring to get out of your system. If you do happen to have some dollars to throw away, why not spend it on some strategy books for casino games you can actually beat in the Players Library.

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Teaching Strategy Using the Strategy Wheel Chris Styles, University of New South Wales Jules Goddard, London Business School, UK Abstract This paper presents the Strategy Wheel as an integrating framework for teaching strategic marketing. The Strategy Wheel combines concepts, perspectives and theories from marketing, innovation and strategic management into a single 8-step heuristic for teaching (and practising) strategy development. Based on the action-learning model from organizational behaviour, this approach emphasises learning by doing. The Strategy Wheel was originally designed for a three-day executive education course for a major business advisory practice in Europe (PricewaterhouseCoopers), but has more recently been adapted for inclusion in a post graduate level subject on strategic innovation. The framework has had great success in both environments. Introduction Great strategies, like great works of art, or great scientific discoveries, call for technical mastery in the working out, but originate in insights that are beyond the realm of conscious analysis. (Kenechi Ohmae) This paper presents the Strategy Wheel as an integrating framework for teaching strategic marketing. Computer simulations, the most well known being Markstrat (StratX, 1999), have so far been the dominant experiential learning tool in this area. However, these simulations tend to be resource optimizing tasks, and are firmly rooted in the neo-classical (Arndt, 1983), microeconomic, or marketing mix (Gronroos, 1994) tradition of marketing that has its origins in the mid-1900s. More recently, the practice of strategy has been influenced by a call for greater innovation and creativity, as well as approaches that are market leading. Influential writers in this new strategic innovation movement include Hamel and Prahalad, (1994), and Hamel (2000). The Strategy Wheel framework was developed to address three issues: i) the need to reflect a more innovative approach to strategic thinking, that goes beyond computer friendly optimization tasks; ii) the diversity of concepts, tools and techniques within the new strategy paradigm; and iii) the difficulty of helping students understand and experience this kind of strategy development process. The Strategy Wheel was originally developed as the basis of a 3-day executive program for partners in a leading business advisory firm, but has since been adapted for post-graduate teaching. In the next two sections the theoretical and pedagogical foundations of the Strategy Wheel are presented. An overview of the framework itself is then provided with a description of the eight steps that make up the heuristic. How best to use the Strategy Wheel in the classroom is then discussed along with the results so far of using the framework.

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The New Strategy Paradigm Key writers that fall under the strategic innovation school include Hamel and Prahalad, (1994), and Hamel (2000). While most of these scholars emanate from the traditional corporate strategy domain, their work is highly customer centric, addresses issues related to segmentation and positioning, and includes discussions on various aspects of the marketing mix. In the wider context of the discipline, these ideas have contributed to the blurring of boundaries between corporate and marketing strategy in both academic and managerial contexts. The theoretical foundations underpinning this new approach to strategy come from two sources. The first is the resource-based theory of the firm, with its origins in the writing of Edith Penrose (1959), and more recently Barney (1991). This view argues that firms should build and leverage their internal resource base to generate competitive advantage. This based on the assumption that firm related factors explain performance more so than industry factors (as the traditional industrial organisation view advocates). Evidence for this position can be found in the work of Rumelt (1991). The second source is the work of the economist Schumpeter (1949, 1950), and his concept of creative destruction. Schumpeter suggested that, In capitalist reality...it iscompetition from the new commodity, the new technology, the new source of supply, the new type of organization (the largest-scale unit of control, for instance) competition which commands a decisive cost or quality advantage and which strikes not at the margins or profits and the outputs of the existing firms but at their very foundations and their very lives. (1950, p.8485). Hamel and Prahalad in the 1990s picked up this theme and called for strategy to be more about reshaping industries and breaking rules, than competing within existing industry paradigms and being rule-takers. Thus, the core elements of the strategic innovation approach can be summarized as follows: The firm is seen as a pool of resources that are leveraged via a particular business model Orthodoxy should be challenged and industries disrupted Firms should tap into latent customer needs and lead consumers rather than follow them Radical, discontinuous change creates more value than incremental improvement Strategy focuses on shaping the future A number of concepts, tools and techniques are associated with these ideas. For example, business model analysis and design, contrarian and lateral thinking, scenario planning, competitive analysis of current and future rivals, customer understanding, brainstorming, performance measurement and direction setting. The challenge in teaching this view of strategy has been how to integrate these disparate ideas within a single framework. Action Learning as a Teaching Philosophy The underlying teaching philosophy being followed is an action-learning model adapted from organizational behaviour (Argyris and Schn, 1978; Kolb, 1976; Miller and Chen, 1994; see Pawlowsky, 2001 for a review). This model emphasises learning by doing, and encompasses problem-solving and problem-orientated approaches to learning which recogniseANZMAC 2002 Conference Proceedings 142

that it is the desired outcome that defines behaviour change (Ambler and Styles, 2001). This contrasts with a purely cognitive model. Thus, learning strategy and in particular learning how to do strategy is achieved by using the process rather than being taught the process or reading about it. The Strategy Wheel Framework The Wheel is derived from a 2 x 2 matrix, with the two dimensions being: i) internal, or in here (firm and its resources) vs. external, or out there (market place); and ii) today (current operating environment) vs. tomorrow (environment approximately five years out into the future). Each cell is then further split into two segments to which consist of the key strategic questions that need to be addressed at each stage. This is graphically presented as the Strategy Wheel in Figure 1, with the shape of the framework suggesting the active process i.e. giving the Wheel one complete spin represents one pass at developing a strategy for a firm or brand. Figure 1 Strategy WheelTodayWhich beliefs unite the industry?

TomorrowHow might the world change over the next 5 years?

Who do we see as the competition?

4 3

5 6

How will the new world impact customer priorities and industry landscape?

Out there (markets) In here (resources)What is the winning formula?

Out there In here

2 1 8

7

What strategic opportunity has the greatest potential for value creation over the next 5 years?

How well is the business performing?

What strategic business design is needed to realise this opportunity?

Today (2002)

Tomorrow (2007)

Jules Goddard, Chris Styles, PricewaterhouseCoopers

Summary of Steps 1. Performance measurement: Performance measurement focuses on notions of value creation, both from a customer point of view, and from the viewpoint of shareholders. Accounting measures are seen as unhelpful and misleading. This approach to performance is consistent the recent call to go beyond marketing measures to link marketing actions with shareholder value (Srivastava, Shervani and Fahey, 1998;

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Big 6 Wheel Strategy Model

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Big 6 Wheel Strategy Games

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How To Play The Big Six Wheel

Doyle, 2000). The notion of strategic health is also covered in this step, considering measures such as share of new wealth creation, and the attractiveness of the firms position in the value chain (Slywotzky, 1996). Current business model: This is a mechanism to summarise the current formula or business design. Adapted from Days (1990) framework, the business model is summarised according to the 5 As: Audience - choice of served market; Appeal unique value proposition; Access channels of communication and distribution; Activities what the firm choices to make (do internally) and buy (outsource, partner); and, Antagonists rivals targeting the same audience. Competitive analysis: In this step competitors are assessed at three levels i) immediate rivals with similar business models; ii) firms occupying other parts of the value chain that could potentially move further upstream or downstream; and iii) oblique competitors, that are firms currently outside the value chain that have the potential to satisfy the firms target audience through some new, innovative business model e.g. Woolworths leveraging their customer base and retail sites to get into banking. Collectively, these competitors are represented on a radar screen (Slywotzky, 1996). Industry orthodoxy: In this step the core assumptions held by current industry players are identified. The task is to understand the dominant logic of the industry and the current rules of the game. These then become the object of contrarian thinking, whereby each underlying assumption is systematically challenged. Key inputs into this stage are an examination of customer