Quote from: lili song on November 19, 2014, 08:50:46 AM

Quote from: dooglus on November 19, 2014, 08:34:28 AM

Quote from: lili song on November 19, 2014, 08:02:20 AM

So does it means that if I bet 50 %

Because of 1 % house edge

I got 49% chance for winning that bet ?

No, you have a 50% chance of winning a 50% bet, but when you win, you don't get 2x your bet, you only get 1.98x.

1.98 is 99% of 2

If you bet 1 unit at 50% 2 million times, you will win about a million times, and lose about a million times. Each loss costs you 1 unit. Each win nets you 0.98 units of profit. Your total losses are 1 million. Your total wins are 980 thousand. Your net loss is 20 thousand, and your total amount risked is 2 million. Your net loss (20k) is 1% of your total risked (2 million).

Get it?

Got it

Thanks for the awesome explanation.
Now I know the 1% edge risk Tongue

Thanks for helping to explain Doog Wink