Roulette Winnings

veryintrigued

Half term somewhere still?

photome

I thought posters like this only inhabited the motoring forum

firestone

veryintrigued wrote: »

Half term somewhere still?

Think most school kids can work out 50p becomes £1 then £1 becomes £2 then £2 becomes £4 and so on

veryintrigued

firestone wrote: »

Think most school kids can work out 50p becomes £1 then £1 becomes £2 then £2 becomes £4 and so on

Surely you mean when £4 becomes £0?

firestone

veryintrigued wrote: »

Surely you mean when £4 becomes £0?

now that will confuse the kids!

Malthusian

firestone wrote: »

Think most school kids can work out 50p becomes £1 then £1 becomes £2 then £2 becomes £4 and so on

They're doing better than most adults then.

EdGasketTheSecond

firestone wrote: »

Think most school kids can work out 50p becomes £1 then £1 becomes £2 then £2 becomes £4 and so on

That's inflation under a Labour government isn't it?

LobsterMemory

Malthusian wrote: »

In reality, every time you place an evens bet on a roulette wheel with a "0" square (no "00") you lose 2.7p.

Well, that's clearly not true

You can't counter a statement of "Perhaps he was very lucky" with "on average, he couldn't have been"

If I play one game of Heads or Tails every day I would expect to break even

In reality, I might win every time

Is that possible? Yes. Likely? Very much, no

firestone

Most European wheels have a Green zero which gives the house a 2.7% edge American wheels have a 00 as well which i guess gives about double the edge so its not like playing heads and tails unless you can get the coin to land on its edge:)

seekstris

Yes, its a very funny quirk in statistics that probability in isolation and over a long run are not connected. You could toss that coin and get a thousand heads in a row, and assuming it wasn't a rigged coin you would feel its fairly safe to bet on a tails, however the chance is still 50-50. The fact that it should regress back to the mean doesn't effect the individual chance.