Eli5: Why can’t you just double your losses every time you gamble on a thing with roughly 50% chance to make a profit

Question

This is probably really stupid but why cant I bet 100 on a close sports game game for example and if I lose bet 200 on the next one, it’s 50/50 so eventually I’ll win and make a profit

In: 4566

Answer 1

Casinos and bookies LOVE people who think this works. In reality,

1: The amount you need to bet quickly grows astronomical. Try this very often and you will hit a point at which you can’t cover your next bet, at which point half your money, at least, is gone. Do it too often and you WILL lose everything you have.

2: Even if you have the money, no-one is going to allow you to keep doubling your bet indefinitely. Casinos, for example, have table limits. Hit that limit and, again, you’ve lost everything you’ve bet (which will be at least the table limit).

3: If you DO eventually win, your total gain will be – your initial stake. And to get that, you will often have risked many, many times as much.

**tl;dr:**

It’s a fine way to go broke very fast.