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whereismyname
whereismyname

I know I'm not the first person here to say this or make this post, but help me understand something.

You go to a casino with $1000
You go to a table and you bet $100 on red every single time.
If you lose the bet, you double it, so the bet after the first loss is $200, bet after the 2nd loss is $300 etc.
Obviously red/black is 50/50 however, the does not eliminate the chance of there being 7+ wins out of 10, as overall within 100 bets it will balance at 50/50

So why isn't this a valid strategy to get some money? Surely its better than mindlessly gambling on stocks like some people here do, no?

All urls found in this thread:
http://vegasclick.com/gambling/martingale-betting-system
Supergrass
Supergrass

Because eventually a loss is so gargantuan it wipes out your capital. It doesn't work unless you have the monopoly of note issue.

Stark_Naked
Stark_Naked

@whereismyname
Go ahead and test your thesis.

Nude_Bikergirl
Nude_Bikergirl

@whereismyname
http://vegasclick.com/gambling/martingale-betting-system

StonedTime
StonedTime

You know casinos have betting caps right?

eGremlin
eGremlin

@Supergrass
but who's to say that a win so so gargantuan that once you've doubled your money you can happily call it a day?

AwesomeTucker
AwesomeTucker

@whereismyname
"We're sorry user but you've lost over $5000 so we cannot continue to let you play at our casino, please make your way to the front desk to settle out."

CodeBuns
CodeBuns

@whereismyname
50/50
The zeroes mean it's not 50/50, professor.

Bidwell
Bidwell

The 3rd bet would surely be $400 no? Betting red or black is 48.5% not 50%, even with a 50/50 bet the martingale system is doomed to failure.

CouchChiller
CouchChiller

@Bidwell
Yes.

@AwesomeTucker
So go to another casino, a high end one for the next $6400 bet

BinaryMan
BinaryMan

@Bidwell
Some bitcoin gambling sites are 49.75%

There are also no casino managers.

JunkTop
JunkTop

@Nude_Bikergirl
Martingale is a winning strategy if you only play the first hour

This has to be a troll right? What stops me from defining every hour as the first hour?

New_Cliche
New_Cliche

@whereismyname
Obviously red/black is 50/50
its not, 0 and 00 mean its 45/55 against you

Lord_Tryzalot
Lord_Tryzalot

@eGremlin
the chance to double your money is still under 50%

BinaryMan
BinaryMan

@StonedTime

/Thread

Supergrass
Supergrass

why not gamble at a casino where the odds are against you rather than gamble in the market where the odds are with you (if you're not a dumbass)

Dumbass detected

Dreamworx
Dreamworx

@whereismyname

100 on black
green
200 on black
red
300 on red
black
400 on red
black
leave losing 900 dollars in 5 minutes

takes2long
takes2long

What are the ways to own a casino? Seems like a real moneymaker.

likme
likme

@whereismyname

I was under the assumption that this strategy is frowned upon in a lot of casinos.

It's viable if you start low have the capital to back it up and quit at 1-2 wins.

Poker_Star
Poker_Star

@takes2long

invent a time machine, go back in time and accumulate hundreds of millions of dollars in illegal drug/booze money and other crimes with your criminal organization that you funnel into semi legal businesses by paying off politicians

or be native american and have white guilt bonus points

Skullbone
Skullbone

@Lord_Tryzalot
This. No matter what you do your odds of winning using martingale are always going to be a little shy of 50%. Even if you find a casino with no betting limits, you will always be behind in the long run. Lets say you have a million dollar bankroll and you are only trying to win $1 at a time. Lets also assume the odds are a flat 50/50 (for the purpose of simplifying the math).

Your odds of winning a dollar are going to be 99.9999%. Your odds of losing the entire million are going to be .0001%.
Your odds of winning 10 dollars is 99.999%. Your odds of losing the million is .001%.
Your odds of winning 100 dollars is 99.99%. Your odds of losing the million is .01%.
Your odds of winning $1000 is 99.9%. Your odds of losing the million is .1%
Your odds of winning $10,000 is 99%. Your odds of losing the million is 1%
Your odds of winning $100,000 is 90%. Your odds of losing a million is 10%
Your odds of winning $1,000,000 is 50%. Your odds of losing a million is 50%

See how that works? The longer you play, the greater the odds are of you losing your entire bankroll. With a big enough bankroll you can win short term but not without enormous risks. If you have a million dollars would you really try to win a measly $10k if there is a 1% of you losing the whole million? Martingale is a bad strategy. It is a good way to lose a lot of money for the chance to win a little.

BlogWobbles
BlogWobbles

@whereismyname

If you haven't heard about the 0, don't bother walking intor a casino.

Obviously red/black is 50/50 however, the does not eliminate the chance of there being 7+ wins out of 10, as overall within 100 bets it will balance at 50/50

CodeBuns
CodeBuns

Should've posted this in the gambling general not here.
Also because you still loose in the long run. Is that really a question?

GoogleCat
GoogleCat

@whereismyname
It's not 50/50, also the casinos make you leave if you tryhard.

haveahappyday
haveahappyday

@BinaryMan
bitcoin gambling sites
lol yank

They all have minimum and maximum bets though.

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