when you gamble you must know when to stop.
Topic: Gambling can be profitable in the long run! It is possible! - page 54. (Read 37356 times)
gambling is addicting,you wont stop until you will loose everything.!!!
when you gamble you must know when to stop.
when you gamble you must know when to stop.
Lots of thing to before doing betting, first of all you must have a strategy, then money management, even though you have both the things, its possible to loss, so it is important dont do over betting....
Your review may be true that there is also, all that could happen if our luck is very strong and a lot of funds.
Most players lose large funding shortfall if according to my experience playing gambling.
Most players lose large funding shortfall if according to my experience playing gambling.
it's impossible , when we talk about long term we aren't talking about one year where are talking about mathematical concepts
the house will keep making money and the players at the end will run out of funds , it's impossible to beat -EV games unless there is a +EV bounty or Jackpot
even Einstein said about roulette that No One Can Win at Roulette Unless He Steals Money from the Table While the Croupier Isn’t Looking
the house will keep making money and the players at the end will run out of funds , it's impossible to beat -EV games unless there is a +EV bounty or Jackpot
even Einstein said about roulette that No One Can Win at Roulette Unless He Steals Money from the Table While the Croupier Isn’t Looking
Yes we are talking about 5-10 years because nobody gambles infinitely many times.
It is possible to beat negative expectancy if you have a favorable probability distribution.
If you bet on Red chip in roulette and the distribution is this:
R ,R ,R ,B ,R ,R ,R ,R ,R ,R ,R ,R ,R ,R ,R ,R ,B ...
You just ended up a net winner.
it's impossible , when we talk about long term we aren't talking about one year where are talking about mathematical concepts
the house will keep making money and the players at the end will run out of funds , it's impossible to beat -EV games unless there is a +EV bounty or Jackpot
even Einstein said about roulette that No One Can Win at Roulette Unless He Steals Money from the Table While the Croupier Isn’t Looking
the house will keep making money and the players at the end will run out of funds , it's impossible to beat -EV games unless there is a +EV bounty or Jackpot
even Einstein said about roulette that No One Can Win at Roulette Unless He Steals Money from the Table While the Croupier Isn’t Looking
This is a response to the threads:
Topic: Everyone looses in the long run https://bitcointalksearch.org/topic/everyone-looses-in-the-long-run-1199744
Topic: Can gambling be profitable in long term ? https://bitcointalksearch.org/topic/can-gambling-be-profitable-in-long-term-1186546
Yes gambling can be profitable in the long run. It is a mathematical possibility. I`m not a gambling shill, but i`m very frustrated when people put out misleading information. The truth is important.
So here are a few outcomes:
1. Gambling can be profitable in the long term for the gambler
2. Gambling cannot be profitable in the long term for the gambler
3. Gambling can be profitable in the long term for the house
4. The house can go bankrupt
All of these 4 scenarios could happen,under different circumstances. They are not impossible. It all depends on luck.
Take the following scenario for long term profitability for the gambler:
1000 gamblers gamble 100$ every day on slotmachine. The house edge is 1%. The total money wagered is 100,000$ every day.
The house makes on average: 1000$/day
So the rest of the 99,000$ is changing hands between gamblers.
So the following scenario could happen: 400 gamblers win consistently for 1 year for example, and 600 gamblers lose consistently for 1 year.
Now the 400 gamblers wager 40,000$ and the 600 gamblers wager 60,000$. The total profit of the 400 gamblers thus is 59,000$ since 1000$ goes to the house.
Thus divide that by 400, each gambler wagers 100$, and wins 147.5$ every single day for 1 year.
Or it could be that 200 of that 400 wins only 73.5$/day consistently, and the other 200 wins 295$ /day consistently.
Or many other, infinitely many other variations of this scenario.
Look it's all possible, only luck will tell, so don't tell me that winning consistently on the long term is impossible.
In infinity all gamblers would lose, and only the house would win (if it doesnt get wiped out by some big jackpots in a row), no doubt about that, but how much does the average gambler play 5-10 years? In that time range this scenario that I described is totally possible.
In the example above, your probability of winning long term is: (40% * the probability of the probability distribution happening that is required to have the 1 year consistency).
This is not necessarly accurate representation, but it's an illustration how a negative expectancy game's probability distribution looks like.
Gamblers winning is a tail event with low probability, nontheless it's mathematically possible to happen:
https://en.wikipedia.org/wiki/Probability_distribution#Continuous_probability_distribution
https://en.wikipedia.org/wiki/Normal_distribution
You just need to calculate that area and you got the probability of your scenario set to happen:
You can calculate that area:
https://en.wikipedia.org/wiki/Z-test
Now this doesn't mean that you, the gambler will win, you can end up in the 600 gambler group and always lose. However if you luck is good, then you can win consistently.
Basically it all comes down to luck, lucky is the only variable that determines weather you are a loser or a winner, nothing else matters really, only luck.
Luck is the only thing that matters in gambling
So I wish you all good luck gamblers!
Topic: Everyone looses in the long run https://bitcointalksearch.org/topic/everyone-looses-in-the-long-run-1199744
Topic: Can gambling be profitable in long term ? https://bitcointalksearch.org/topic/can-gambling-be-profitable-in-long-term-1186546
Yes gambling can be profitable in the long run. It is a mathematical possibility. I`m not a gambling shill, but i`m very frustrated when people put out misleading information. The truth is important.
So here are a few outcomes:
1. Gambling can be profitable in the long term for the gambler
2. Gambling cannot be profitable in the long term for the gambler
3. Gambling can be profitable in the long term for the house
4. The house can go bankrupt
All of these 4 scenarios could happen,under different circumstances. They are not impossible. It all depends on luck.
Take the following scenario for long term profitability for the gambler:
1000 gamblers gamble 100$ every day on slotmachine. The house edge is 1%. The total money wagered is 100,000$ every day.
The house makes on average: 1000$/day
So the rest of the 99,000$ is changing hands between gamblers.
So the following scenario could happen: 400 gamblers win consistently for 1 year for example, and 600 gamblers lose consistently for 1 year.
Now the 400 gamblers wager 40,000$ and the 600 gamblers wager 60,000$. The total profit of the 400 gamblers thus is 59,000$ since 1000$ goes to the house.
Thus divide that by 400, each gambler wagers 100$, and wins 147.5$ every single day for 1 year.
Or it could be that 200 of that 400 wins only 73.5$/day consistently, and the other 200 wins 295$ /day consistently.
Or many other, infinitely many other variations of this scenario.
Look it's all possible, only luck will tell, so don't tell me that winning consistently on the long term is impossible.
In infinity all gamblers would lose, and only the house would win (if it doesnt get wiped out by some big jackpots in a row), no doubt about that, but how much does the average gambler play 5-10 years? In that time range this scenario that I described is totally possible.
In the example above, your probability of winning long term is: (40% * the probability of the probability distribution happening that is required to have the 1 year consistency).
This is not necessarly accurate representation, but it's an illustration how a negative expectancy game's probability distribution looks like.
Gamblers winning is a tail event with low probability, nontheless it's mathematically possible to happen:
https://en.wikipedia.org/wiki/Probability_distribution#Continuous_probability_distribution
https://en.wikipedia.org/wiki/Normal_distribution
You just need to calculate that area and you got the probability of your scenario set to happen:
You can calculate that area:
https://en.wikipedia.org/wiki/Z-test
Now this doesn't mean that you, the gambler will win, you can end up in the 600 gambler group and always lose. However if you luck is good, then you can win consistently.
Basically it all comes down to luck, lucky is the only variable that determines weather you are a loser or a winner, nothing else matters really, only luck.
Luck is the only thing that matters in gambling
So I wish you all good luck gamblers!
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