If a gambler and the casino keep going forever, how come the casino is always the winner?
In: Mathematics
Simple statistics. The house is the one in charge of setting all the rules of the games. They control the payouts, and they are going to naturally adjust things so that it will be favorable to them. You win a 1 in 36 odds dice roll? Your payout is going to be 30:1. Playing roulette? You may notice that the odds of hitting red or black is slightly less than 50/50, despite it being a 2:1 payout.
This means in the long run, the House will always make more than they lose, because the odds are in their favor. And so long they make more than they lose, the house is doing well.
Which is ultimately where the phrase comes from. The idea that even if you are on a hotstreak, over time things will normalize and it will be in the houses favor in the long term
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