The formula for required sample size is (Z*Z)/(4*E*E), where E is the desired error (ex. 0.01 for 1%) and Z is how many standard deviations you want.
Don't know where you got this formula from, but I'll assume for now that it is correct.
To get +/- 0.1% or 0.9% < profit < 1.1%, we need to set E to be 0.001 not 0.01:
n = (3 * 3 ) / (4 * 0.001 * 0.001)
n = 9 / 0.000004
n = 2,250,000
There we go. How convenient. As you can see, we have just rolled over 2.4 million bets at 500 max bet.
2.4 million bets at 500 max bet? That's 1.2 billion BTC wagered! 100 times the total amount in existence. Surely you mean 24000 bets at 500 max bet. Conveniently, a lot closer to your first example.
0.2% < 0.9% < profit < 1.1%
This is a serious problem.
Ooh, big letters *and* colours. Let me try:
Your math is wrong!This is a serious problem.If Dooglus is interested in hiring me as a consultant I will help him fix this problem. Then again, the solution is obvious, but I think Dooglus needs someone to tell him. And no I will not advise anyone for free. You get what you pay for in life. That does not mean I am greedy it means I want Dooglus to listen to me, pay attention to what I say, and do it, or I will not waste my time. If he cannot value my advice then it has no value to him. It's that simple. That being said my rates are exceedingly cheap.
If you are interested in hiring me as a mathematician I will help you fix this problem (actually I just did). Then again, the solution is obvious, but I think you need someone to tell you (I just did). And no I will no advise anyone for free (except I just did!). You get what you pay for in life (counter-quote: "the best things in life are free"). That does not mean I am greedy it means I want you to listen to me, pay attention to what I say, and do it, or I will not waste my time (I probably just did). If you cannot value my advice then it has no value to you. It's that simple. That being said my rates are exceedingly cheap (Can't beat free!).
edit: Deprived, stop beating me to the punch!