Gambling noob, heres my question
So lets say youre at a casino, putting money on a coinflip which is exactly 50/50. What im thinking is that there should be almost no possible way to loose money provided that you can bet as much money as you would like as many times as you like and always recieve either the exact amout back if you win or loose the exact amount if you loose. So what Im thinking is that if you bet 5$ and loose, youre down 5. So you bet another 5 for the chance of making the money back. Now lets say you loosr again and youre down 10. You bet 10$ for a chance to break even. You keep repeating this until you eventually win and break even. Would this work? Anf if so, do people do this?
Gambling method?
Oliver Hernandez
Easton Lee
>You keep repeating this until you eventually win and break even.
It's possible, but it's also possible you could lose for eternity.
Luis Miller
en.wikipedia.org
This is one of the simplest betting systems that a gambler discovers. It does not work and leads to tears and ruin. It doesn't take much analysis to realize that this strategy only works if you have infinite money and there is no bet limit.
Hunter Lopez
Casinos exist because they make money. You can only beat the system in games that you have some control over, such as counting cards in blackjack.
Christian Evans
OP, you're describing the Martingale system.
en.wikipedia.org
Using this system, you have a large chance of winning a small amount, and a small chance of losing a large amount.
Lucas Perez
Possible, but not probable
John Long
Obviously 50/50 gambling doesn't exist.
I knew quite a few people who used to do this in a game (RuneScape), and climbed from ~100 million to even 2000 million wealth - before losing everything. Doing 1, 2, 4, 8... million bets.
Sorry if I misunderstood
Jaxon Brooks
doesn't actually explain whats wrong with it though. If you had, say, a billion dollars and start with bets of 50,000 it would be all but impossible for you to lose a single game. if your goal was to win $1000000 through 50k starting bets, you'd still have a 99.878% chance of success. The real problem is that a house will always limit your bets. say that limit is 1.6 milion. your bets are increasing exponentially so you only need 5 loses in a row to be out 1.6 million.
Joshua Davis
>Obviously 50/50 gambling doesn't exist.
sure it does, just not in casinos for obvious reasons.
By the way, anyone know how to calculate the house edge of blackjack due to the player always having to finish his turn first(so that the dealer's strategy simply becomes keep hitting til you bust or beat the player)?
Mason Gray
Man you're dumb. What's wrong with it is that you can't change the total expected value.
>if your goal was to win $1000000 through 50k starting bets, you'd still have a 99.878% chance of success.
And you have a very small chance of losing ALL of your money. On average, you won't win anything. You can't just ignore gigantic losses just because there's a small chance of it happening.