I would like to inquire if anyone knows the formula of the probability that X number of losses in a row can occur at some win chance per X bets.
As MICRO said, most of these calculations don't really matter because all rolls are independent, but some people still like to know their odds of winning or losing a certain number of bets in a row, so I'll try to explain.
It's best explained with an example. Let's say you wanted to figure out the percent chance of you rolling 3 reds on a row on 2x. For simplicity's sake, I'm going to ignore the House Edge in these calculations because it makes the numbers easier to deal with.
For each roll you have a 50% chance (
unless you count the House Edge, then it's 49.50% chance on 2x) of winning.
So first you convert the percent chance of winning into it's decimal form: 50% = 0.50 ; 49.50% = 0.495 ; 25% = 0.25 ; 1% = 0.01 (
those are a few examples)
Then, depending on how many bets you are looking for a streak of, let's call that X, you will multiply your decimal form by itself X times (
also known as en exponential function, looks like this: Xy) So:
0.50 x 0.50 x 0.50 is the same as writing 0.50
3, and now comes the math to actually figure out your chances:
0.50 x 0.50 x 0.50 = 0.125 = 12.5%
The last part just converting your decimal back into a percentage. So if you wanted to know your odds of winning or losing 3 bets in a row on 2x, it's 12.5%. You can use similar math for other win percentages and streaks as large as you want.
