CalmZoOr2 Posted January 30, 2023 #1 Posted January 30, 2023 Hello, what is the chance that I will lose if there is a 0.000001% chance of losing on the last bet? Every bet is house edge 1%? Thank you for answering :-)
ewfae Posted January 31, 2023 #2 Posted January 31, 2023 The house edge applies on every single bet you placed. The concept is that you would only get an expected value of 99% on the reciprocal of winning chance. Take 50% winning chance as an example, a fair game should return 2x of your bets when winning, which gives an expected value of x*2*0.5 + x*0*0.5 = x, where x is your bet amount. Given a 1% house edge, the game would return only 0.99 of x, with an expected value of 0.99*x = x*r*0.5 + x*0*0.5, giving r (winning return) only 1.98 of betting amount instead of 2.
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