So I don’t gamble, and don’t ever indend to make it a habit.
But a friend told me to play roulette, and I would have a ~47% chance of doubling my money and , as long as I had enough money to keep doubling my stake, would have a ~95% break even if I kept going until I won and never played again.
So say I had $200k in the bank and always put my money on red
Spin 1 : $5K
Spin 2: $10K
Spin 3: $20K
Spin 4: $40k
Spin 5: $80K
Spin 6: $160k
In this scenario, I’d have a ~47% chance of winning $5k, and just a 2% chance of losing $160k?
EDIT: Although just working this out, I think I would probably put the 160k into a 4% savings account if I had it, or start off way smaller amounts e.g. $500 to reduce my chane of losing money significantly lol.
In: 8
You’re effectively “selling lottery tickets” here. You sell each ticket for 5k, and each has a 1/50 or so chance of winning 315k (they don’t give back your previous bets) – a jackpot you have to pay the casino when they win.
So yeah, this works fine until it catastrophically doesn’t. You haven’t fixed the overall negative odds of the game, you’ve just re-arranged the payouts – this strategy will lose over time, and in a spectacular way.
Edit: Maybe it’s simpler to imagine the overall plan as a single game. It costs $70 to play. 63/64 times, you win $71 (your $70 back, plus a dollar). 1/64 times, you lose it all. Do you want to play this game?
You’re effectively “selling lottery tickets” here. You sell each ticket for 5k, and each has a 1/50 or so chance of winning 315k (they don’t give back your previous bets) – a jackpot you have to pay the casino when they win.
So yeah, this works fine until it catastrophically doesn’t. You haven’t fixed the overall negative odds of the game, you’ve just re-arranged the payouts – this strategy will lose over time, and in a spectacular way.
Edit: Maybe it’s simpler to imagine the overall plan as a single game. It costs $70 to play. 63/64 times, you win $71 (your $70 back, plus a dollar). 1/64 times, you lose it all. Do you want to play this game?
> always put my money on red
Aside from the discussion of a martingale, roulette wheels feature a zero that is neither red nor black and that you can’t bet on, so the chance of winning on red is slightly below 0.5, which works in the casino’s favour.
> always put my money on red
Aside from the discussion of a martingale, roulette wheels feature a zero that is neither red nor black and that you can’t bet on, so the chance of winning on red is slightly below 0.5, which works in the casino’s favour.
You’re going to double 5k, 10k and even 20k once or twice and then you’re going to max out your money and not be able to double out after.
You’re going to double 5k, 10k and even 20k once or twice and then you’re going to max out your money and not be able to double out after.
Table limits.
Let’s say the table has a maximum bet of $50k (it’s usually much less than that, but let’s go with that to match your example). This means that if you don’t win in the first four spins, you won’t get a chance on the fifth spin to get your money back. The odds of losing four spin a row are not out of the question, so you can easily drop $75k just like that.
Table limits.
Let’s say the table has a maximum bet of $50k (it’s usually much less than that, but let’s go with that to match your example). This means that if you don’t win in the first four spins, you won’t get a chance on the fifth spin to get your money back. The odds of losing four spin a row are not out of the question, so you can easily drop $75k just like that.
I tried this on blackjack and did really well until i lost 9 times in a row and lost everything.
I tried this on blackjack and did really well until i lost 9 times in a row and lost everything.
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