2007-03-19 07:59:28 · 5 answers · asked by madeulo0k 2 in Games & Recreation ➔ Gambling
I really don't see what one has to do with the other. How much are you willing to loose?
Bill F needs to study the laws of probability.
Flipping a coin has a 50/50 chance of being heads. If you flip the coin 100 times and they are all tales, the probability of the next flip are 50/50 that it will be heads. These are all independent actions and do not change the probability on any give flip of the coin.
2007-03-19 08:04:54 · answer #1 · answered by Anonymous · 0⤊ 1⤋
When deciding how to bet, look at expected value. With a 50:50 chance, the expected value is zero.
In the long run, you should break even on this bet. If you bet $1000 three times, there is a good chance you will win 1000 or lose 1000.
Instead of betting 1000 3 times, you could bet $3 1000 times. Doing it this way, there is a much better chance that you break even, or at least come close to even (lose 60 dollars or less or win 60 dollars or less)
So if you want to lower your variance, make multiple small bets rather than few big bets
If you are doing it only once, then bet whatever you can afford to lose or want to win ... and 50% of the time you will make your goal and 50% of the time you will go busto
2007-03-19 15:18:10 · answer #2 · answered by Bill F 6 · 1⤊ 0⤋
How much you bet isn't going to help you make money. Whatever you want to bet will pay out half the time.
2007-03-19 17:57:42 · answer #3 · answered by closetcoon_fan 5 · 0⤊ 0⤋
1/2 of what you can afford to lose
2007-03-19 23:37:07 · answer #4 · answered by havenjohnny 6 · 0⤊ 0⤋
only as much as you are willing to lose.
2007-03-19 15:04:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋