If you bet $100, your odds of winning are around 50% and if you lose, bet $200, and so on and so forth until you win, and then cash out with a guaranteed profit. Assuming odds of black are 47.37% as per American roulette, your odds of not winning a single one after 6 tries are 0.02125 (I think) and decrease exponentially after each subsequent try.
In: 93
If the odds of winning were actually 50%, and a lot of people did this, this is what would happen:
-Most would profit $100
-A few people would lose all their money, roughly equal to the total amount everyone else won
The fact that the odds of winning are slightly less than 50% only makes it worse for the gamblers. Basically, you have a high chance of getting a small amount of winnings, and a small chance of losing a huge amount of money. Gaining the small amount won’t affect your life nearly as much as losing the huge amount, so why bother?
Latest Answers