Everyone looses in the long run - page 108.

hatshepsut93

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Quote from: bajing on April 29, 2016, 02:54:56 AM

Quote from: hatshepsut93 on April 29, 2016, 02:40:03 AM

Most people don't understand the basics of statistics and blame everything on "unfair games". Gambler's ruin theorem is known for many centuries and it's really simple - in the long run player with smaller bank will lose. That's why all casinos pursue giant bankrolls and like to take investments.

I don't think with big bankroll we can beat casino and i think small or big bankroll to start gambling is have same chance to win. for example you can start to bet with 5% from your bankroll so you have chance win more big than you start with 20% from your bankroll.

It's easier to understand this concept if you look at fair coin toss simulation. It can look like this:

- is players loses, + is players profit.

Now, I've drawn 2 lines. When players loses are equal to his bankroll the game stops, which is seen here as the red line. The house can also go broke, if players profit is higher than their bankroll (yellow line).

So, the likehood of losing all bankroll is determined by the size of bankroll. If you have 1000 BTC and play in casino with 10 BTC bankroll, you have 99% to "beat casino" and take their 10 BTC.

You can also look at any casino and check their profits, they are always much bigger than house edges, because their bankroll is bigger than sum of players bankroll.

bajing

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Quote from: hatshepsut93 on April 29, 2016, 02:40:03 AM

Most people don't understand the basics of statistics and blame everything on "unfair games". Gambler's ruin theorem is known for many centuries and it's really simple - in the long run player with smaller bank will lose. That's why all casinos pursue giant bankrolls and like to take investments.

I don't think with big bankroll we can beat casino and i think small or big bankroll to start gambling is have same chance to win. for example you can start to bet with 5% from your bankroll so you have chance win more big than you start with 20% from your bankroll.

hatshepsut93

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Most people don't understand the basics of statistics and blame everything on "unfair games". Gambler's ruin theorem is known for many centuries and it's really simple - in the long run player with smaller bank will lose. That's why all casinos pursue giant bankrolls and like to take investments.

Icathia

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The chance is really high that you can lose some money with gambling and the reason is that people are going to be greedy and they think that they can win in a long run.
But that is actually not true and they are realizing it too late because they will become poor if they cant control themselves and that is the baddest thing that can happen.

crairezx20

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Quote from: Hatuferu on April 29, 2016, 01:16:55 AM

Quote from: shulio on April 29, 2016, 01:12:36 AM

Quote from: ?? on ??

If everyone is losing in a long run, then solution is simple; just have a bunch of short runs

You lose in the short runs as wel, in fact it doesnt matter because what matters is luck . You could win in the long run as well if your luck permits however most of the time, variance inly happen in short run. In fact all you need is big bankroll and some luck, stop after you make decent amount

Set you goals in gambling, the amount you want to win and the time you want to spend. If you already set your goals, you analyze it and plan to get it. You have to be discipline to win in the long run and this is not applicable in gambling sites that offers only dice. Try betting on sports and you can see the result.

Honestly not only discipline is needed to reach your goal in gambling.. provably you should know about greediness and be satisfied.. if you are greedy you lose every time you play.. but if you are satisfied what you had you can still make a profit.... so be satisfied what you had to make profit..

Hatuferu

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Quote from: shulio on April 29, 2016, 01:12:36 AM

Quote from: ?? on ??

If everyone is losing in a long run, then solution is simple; just have a bunch of short runs

You lose in the short runs as wel, in fact it doesnt matter because what matters is luck . You could win in the long run as well if your luck permits however most of the time, variance inly happen in short run. In fact all you need is big bankroll and some luck, stop after you make decent amount

Set you goals in gambling, the amount you want to win and the time you want to spend. If you already set your goals, you analyze it and plan to get it. You have to be discipline to win in the long run and this is not applicable in gambling sites that offers only dice. Try betting on sports and you can see the result.

shulio

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Quote from: ?? on ??

If everyone is losing in a long run, then solution is simple; just have a bunch of short runs

You lose in the short runs as wel, in fact it doesnt matter because what matters is luck . You could win in the long run as well if your luck permits however most of the time, variance inly happen in short run. In fact all you need is big bankroll and some luck, stop after you make decent amount

cjmoles

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This does not make any sense. If EVERYONE lost in the long run, then why is there still a gambling industry? I bet the casino operators, sportsbooks, dice sites, pokersites, and insurance companies all win in the long run! What makes them any different from you and I? I will tell you...THEY ONLY COVER WAGERS WHEN THE ODDS ARE IN THEIR FAVOR!....And, they cover huge volumes of wagers which insures long term profits against the swings of variation....

lorylore

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Quote from: Zooplus on April 26, 2016, 12:13:23 AM

Quote from: morepounds on April 25, 2016, 10:48:43 PM

Quote from: Zooplus on April 25, 2016, 10:40:15 PM

Quote from: morepounds on April 25, 2016, 10:19:21 PM

Gambling is real business not entertainment. And there are thousands that make a living off gambling

Thousands make a profit from it and you are referring to an exceptional people, but for you information millions losses in gambling, so if you do the math, it says majority of the gamblers losses. I just hope that as a gamblers maybe in the future I will exceptional and start making fortune from gambling.

Yes of course there will always be a few people that know how to beat the casino scammers. But if you are gambling blindly , I will advice you stop. There are 2 basic ways to win any casino. Sports betting not included. But the few that know this won't expose it.
And if millions don't loose, the few constant winners won't win.

Can you expose here the two basics to win. LOL. I agree that sports betting is the best game to bet if you want to stay in gambling in a longer time. Of course, if a gamblers win a lot of money using his technique he is not an idiot to share it to the public because the gambling sites will adjust accordingly.

I am also interested to know about the 2 winning methods. Does it apply to casino table games or any gambling game? And you dont need to have millions of loser, you just need to win against the casino.

Lokfar

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Quote from: wildan88 on April 26, 2016, 01:20:03 AM

Quote from: emberbekas on April 26, 2016, 01:11:23 AM

Most people will lose at gambling if they run it for a long time. But, most people didnt realize it. When someone lost a bunch and they keep gambling and suddently have some good profit, they will forget about they previous lost although they profit in fact cant cover all the previous lost.

almost all types of gambling if we play too long will lose and people who are too long to play sometimes when they lose, they always wanted to recover the defeat at that time also and this is very dangerous, because your lust is not controlled and eventually lost it all

It depends on how lucky you are it can be profitable if you won a lot of money and if you can control yourself otherwise you are losing indeed a lot of money with it.
But in the most cases you are indeed losing more money than that you can win money so that is already bad.

dishku

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After all you have to loose.It really does not matter sooner or later in long run.Casino house always wins and will keep winning.I say yes to this everyone looses for sure.Everyone means most people with exception of very few.

fulgdenea

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Where house edge exists there that theory work perfectly the house edge always win in the long term, i am also quite sure long term gambling is really dangerous if had decent profit there than we must keep quite for some time.

Ulloa

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Quote from: wildan88 on April 26, 2016, 01:20:03 AM

Quote from: emberbekas on April 26, 2016, 01:11:23 AM

Most people will lose at gambling if they run it for a long time. But, most people didnt realize it. When someone lost a bunch and they keep gambling and suddently have some good profit, they will forget about they previous lost although they profit in fact cant cover all the previous lost.

almost all types of gambling if we play too long will lose and people who are too long to play sometimes when they lose, they always wanted to recover the defeat at that time also and this is very dangerous, because your lust is not controlled and eventually lost it all

In gambling the chance is really high that you can lose some money and that is not that worst that can happen to you but you must dont make yourself poor.
And that is the worst thing that can happen if you are making yourself poor, but gambling is always bad to do....

bering

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Quote from: emberbekas on April 26, 2016, 01:11:23 AM

Most people will lose at gambling if they run it for a long time. But, most people didnt realize it. When someone lost a bunch and they keep gambling and suddently have some good profit, they will forget about they previous lost although they profit in fact cant cover all the previous lost.

although people has won with huge amount they will not forget that they had ever experienced to lose but the problem is whatever the results people will always be try to gambling because if they win they want do more and if they are lost they will try to recover their loses

maudevang

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It is hard to make profit with gambling in a long run, if you want to make profit in a long run with Bitcoin you need to be really lucky and that is quite nice.
And losing in gambling is not that bad but you must dont make yourself poor.

ultimatesky

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SkyFall

How more you gamble the greater the chance that you will lose more money it is just that simple. Gambling games are just made so the odds are just always against you and you can never turn the odds in your favor, this makes the chance of loosing in the long run even bigger.

kingaltcoins

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Quote from: wildan88 on April 26, 2016, 01:20:03 AM

Quote from: emberbekas on April 26, 2016, 01:11:23 AM

Most people will lose at gambling if they run it for a long time. But, most people didnt realize it. When someone lost a bunch and they keep gambling and suddently have some good profit, they will forget about they previous lost although they profit in fact cant cover all the previous lost.

almost all types of gambling if we play too long will lose and people who are too long to play sometimes when they lose, they always wanted to recover the defeat at that time also and this is very dangerous, because your lust is not controlled and eventually lost it all

No you are wrong.
Go for live casinos and gamble there. For example if you are playing blackjack and are counting cards from the beginning you will surely have a chance to win big no matter what dealer picks up. Of course live games are fully fair. Wink

This way you can win big as well.

wildan88

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Quote from: emberbekas on April 26, 2016, 01:11:23 AM

Most people will lose at gambling if they run it for a long time. But, most people didnt realize it. When someone lost a bunch and they keep gambling and suddently have some good profit, they will forget about they previous lost although they profit in fact cant cover all the previous lost.

almost all types of gambling if we play too long will lose and people who are too long to play sometimes when they lose, they always wanted to recover the defeat at that time also and this is very dangerous, because your lust is not controlled and eventually lost it all

emberbekas

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Most people will lose at gambling if they run it for a long time. But, most people didnt realize it. When someone lost a bunch and they keep gambling and suddently have some good profit, they will forget about they previous lost although they profit in fact cant cover all the previous lost.

morepounds

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Quote from: Zooplus on April 26, 2016, 12:13:23 AM

Quote from: morepounds on April 25, 2016, 10:48:43 PM

Quote from: Zooplus on April 25, 2016, 10:40:15 PM

Quote from: morepounds on April 25, 2016, 10:19:21 PM

Gambling is real business not entertainment. And there are thousands that make a living off gambling

Thousands make a profit from it and you are referring to an exceptional people, but for you information millions losses in gambling, so if you do the math, it says majority of the gamblers losses. I just hope that as a gamblers maybe in the future I will exceptional and start making fortune from gambling.

Yes of course there will always be a few people that know how to beat the casino scammers. But if you are gambling blindly , I will advice you stop. There are 2 basic ways to win any casino. Sports betting not included. But the few that know this won't expose it.
And if millions don't loose, the few constant winners won't win.

Can you expose here the two basics to win. LOL. I agree that sports betting is the best game to bet if you want to stay in gambling in a longer time. Of course, if a gamblers win a lot of money using his technique he is not an idiot to share it to the public because the gambling sites will adjust accordingly.

I think you where suppose to say if a gambler exposes that, he is an idiot lol.
The best thing is don't gamble. I can promise you, you will always loose. The sites are rigged and created to make people loose.
If you are a gamer and apply some simple rules of gaming you won't loose in any casino. Dosnt matter if it's rigged or not

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