Yes you're right, this is the probability to lose 11times in a row when you play 11times in a row AFAIK but if you play many times odds to get a losing streak of 11 loss will be different IMO.
This is not just your opinion, its mathematical fact. This is described by Bernoulli's law. If I remember correctly, if you flip a coin 100 times, you get a sequence of 6-7 heads in a row with 100% probability. With 1000 tosses, you are guaranteed a sequence of 9-10 heads or tails. And so on.