I have tried to bet like this before and usually if I am betting at 1% win chance, I would take almost 100 bets and they are all losses and when I finally got a winning bet, I would just quit. I think this strategy works best if you win somewhere in the first 25 bets or so and then you got a better edge.
Just fyi, i was betting at 1% winning chance too and the longest streak losses i did was around 180 bets before it hit.
This strategy will give you profit if your bet hit in less than 99 bets, or you hit it multiple times after some bets. My record i was hit 3 times in my 10 bets while betting on 1% winning chance. The sad news is i only used small amount while hit that 3 times
The chance of winning this bet in the first try is very small, but the chance of winning it before 100 tries are good. But definitely a nice win, congrats to the lucky winner.
Did you ever tried it? Lossing more than 100 streaks is normal at 1%, so you can't say you will surely hit it in less than 100 tries
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