.....
You missed an intermediate bet ($4). Yes, Joe will eventually win exactly $1. The problem is that the bets increase exponentially, and this can quickly bankrupt him in case of a long losing streak.
It's called Martingale. More here:
Martingale (betting system)But assume random Joe is rich to begin with.
So that the odds of black coming up enough times in a row to bankrupt him are astronomically small.
He just keeps going till he's up.
Then starts again with that one dollar. rinse and repeat.
I've heard when high rollers try this strategy, the house shuts them down after they are down and a betting limit has been reached.
So yeah, it doesn't work. What a surprise... lol
(fixed that 4$ bet.. I noticed that too right after posting
...)
Or, rich Joe can start off with a $10 bet, thus winning $10, then rinse-repeat. On a ten-fold losing streak (unlikely, but possible), he would have lost just over $10000 and he would then have to bet another $10000 to recover his losses (and eventually end up winning only $10).
Although tempting, it is mathematically proven that the odds are against him
on average.
To quote Ace Rothstein (Robert De Niro) in
Casino (1995):
"We're the only winners. The players don't stand a chance."I remember years ago when my dear old late Dad told me this "strategy", I couldn't for the life of me figure out why it wouldn't work with say just a few dollars.
As mentioned above, I did do it on my last visit to a casino like 30 years ago, and walked away with 5$ or something. Of course in order to be up that $5, I had to
end my gambling fun right then and there, forever, which of course I didn't do, that's no fun. I promptly lost it all in the slots...After all, it was just house money, man!
Admittedly, I probably lost more trying to win it back. Yup, the house always wins...lol. (unless you are a card counter, but then you just get kicked out, if recognized)
https://www.youtube.com/watch?v=no1c6rWw0coI am living proof that there is a problem with this strategy.
Using an online casino.
I lost about $200 give or take doing just this.
What happened was I got a run of straight blacks (Unusual but it does happen!).
Of course I was betting RED.
No problem, or so I thought, until I hit the house rules that would not allow me to double up again.
It appears that the house has a maximum bid.
I am glad that this happened actually, as it stopped me from gambling any further and I have not set foot in a casino since (virtual or otherwise).
