Hypothetical scenario:
You can bet on a single dye roll (choosing a number between 1-6), but if you win you get paid x12 of your stake (instead of x6).
So the Expected Value is positive (see example below), but you'd still have 83% chance of losing.
1 - will you take that bet?
2 - if so, what % of your available funds would you put at stake (i.e. funds you're willing to gamble and afford to lose)?
Again, this is a single, non-repetitive bet.
-----------------------
Simulation for BTC1 bet:
EV = (83% x -BTC1) + (17% x BTC11) = +BTC1.04
Edit: calculation corrected, credit to Saint-loup
The x 12 that will be paid on the amount you bet is quite tempting to try. That's why it seems scary to try, especially if you bet a large amount of 1 bitcoin.
I just don't know if anyone has tried such a game, has anyone? This kind of game is only for brave gamblers who are ready to lose big money.
No I did not , but seeking for that high return in gambling is a trap or a suicide for me , I would rather play and win x2 than expecting x12.
but lets hear others that have tried that because this may sound interesting for me lol.
that is something many gamblers would love to try i believe.