Quote from: ndnhc on March 25, 2015, 08:26:40 AM

It absolutely exists; I lost almost all my balance because of that. twice now.

I got too many 7s in roulettts and lost too a few days ago.(lucky this one was a bonus code)

Edit: You got that 'Gambler's fallacy says that' part wrong. It is just the opposite.

Does not exist. Please look up variance or playing on a rigged site. The Gambler's Fallacy statement itself is correct.

Quote from: Light on March 25, 2015, 07:33:47 AM

Quote from: ndnhc on March 24, 2015, 08:07:55 PM

According to what I learned, the users will lose in the end, assuming bankroll of player < house and there is a max bet limit.

The player will go on playing till he lose everything.

I'm going to respond to this specific post - but anyone claiming that the users will lose in the long term with them having an "edge" against the house (assuming they are fair) doesn't understand basic probability.

First off, what is the long run?

When people refer to the long run - they might think 1 million events is long, maybe even 1 billion. Not so, long run means literally the largest number you could ever possibly think of (and yet still bigger than that) - better to think of it as infinity. Now the Law of Large Numbers - which has been proven both mathematically, logically and through modelling - means that as you approach an infinite number of events their outcomes will converge to statistical expectation.

Now, as a player in reality cannot play to infinite games - they will face a degree of variance. Variance is what causes random streaks of wins and losses - not random voodoo skill. This variance should decline as they play more and more games - eventually with enough games (enough being effectively infinity) they should come out ahead if they have a positive EV.

Hence, theoretically across a large number of events - an operator who offers +EV for their userbase can expect to lose money over time - although they could be extremely lucky and make a profit due to variance. But this variance WILL DECREASE, meaning with enough events the users can expect to profit.

This is the basis of why no casino/gambling site will ever offer +EV to users permanently (possibly short term to entice customers or they're rigged).