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heathenrider
01-01-2009, 12:48 PM
I'm going to be doing some gambling with a friend. However, I'm not much of a gambler. I've decided that i'm going to play the roulette wheel with a goal of making 50 dollars. My system for winning this will be to bet 5 dollars each time on an even money bet like black or red, or odd or even. If i lose I will double my bet until i get my previous bet back. (martingale betting system)
What are the chances of red comming up seven times in a row when i have a 48 percent chance of getting a my even money bet?
My maximum bet is 500 dollars.

Moz
01-01-2009, 02:15 PM
It's the path to ruin and is discredited by every knowledgeable gambler out there.

In real life all you need to know is that when you place your 7th bet on red after 6 previous losing bets on red the odds on it being the black you need are still less than 50%.

baek57
01-01-2009, 02:26 PM
it can work in theory if you have an infinite money supply. problem is you dont, and there is a betting limit, so the house always wins in the long run.

heathenrider
01-01-2009, 03:37 PM
the question still stands and criticism is not what im looking for.

jhhachamp
01-01-2009, 03:48 PM
If the chance of winning any single time is 48%, then the chance you lose 7 straight times should be .52^7 or about 1%.

counter_puncher
01-01-2009, 04:08 PM
http://www.okthen.com/martingale/

pfchang
01-01-2009, 05:50 PM
as they always say, blackjack is the only fair game...(assuming that a dealer tie is a replay) :):):)