Post
Topic
Board Gambling discussion
Re: Gambling can be profitable in the long run! It is possible!
by
RealBitcoin
on 22/02/2016, 14:33:30 UTC
I wouldn't be so sure about that.
How much are they actually betting , and how volatile are the slot machines?  (The less variance, the more likely none of them will be a winner after playing for ~2,000 hours.

Math tells us about what is likely or unlikely to happen next.

Luck is a way to describe what has already happened.

Ok math fine.

What is the probability of ending up 0 or winner after 2500 bets? Thats how much you would be in 1 say year.

Well if the slot machine has a hose edge of 0.5%, then each bet is 49.5% chance of winning. However you have a 99.5% chance of shuffling the money around and not giving it to the casino. So if there would be no house edge you would have a 100% chance of ending up breakeven in infinity, but in our logic the house edge is what drains away our money

So after 2500, bets you`d have a 0.00036116184612908900% chance of ending up at least break even.

That means that in a pool of 1 million players we`d have on average 361 players that would end up winners  after the 2500 bets!