Re: Gambling can be profitable in the long run! It is possible!
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!
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!
If the house edge is 1% then we are winning 49.5% and losing 50.5%
(these slot machines are the same as flipping a coin, btw)
Playing 6 hours a day every day for a year for a total of 2500 bets then we would be making less than 1 bet an hour.
This is not a big sample size, and these "coin flip" type bets are very low variance.
But, here are the results: (I did 10,000 instead of 1 million bc it takes a while to do 1million.)
So 10,000 players each made 2500 $100 bets. They won 49.5% and lost 50.5%
The theoretical expectation is that 3,405 players will be ahead after 2500 bets.
Actually it's 49 - 51 isnt it?