Hi Kav, and Blue Angel! It is so nice to hear from the both of you! I always enjoy your input and insight on issues! I feel that all of us are on the same page when it comes to not only roulette or gambling, but in life.
Kav, I absolutely love your videos like that! They are very well put together and make a person stop and think. I like your perspective on gambling and I can relate to alot of what you say.
Blue Angel, it has been a long time my friend. I hope all is well with you. I enjoy your perspectives as well. Both you and Kav help make me a stronger person and I appreciate all of your insights and philosophies.
The one study I was referring to in the book dealt with an interesting series of scientific penny tossings. In some 10,000 tosses the final score came out, as expected, evenly at 5,000 heads and 5,000 tails. But in the individual
series of 100 tosses(count was kept in units of 100) the relation between the two sides once fell so low as 19 tails and 81 heads! Matching pennies, here, at say $1 a toss, you would, of course, come out even if you stayed at it until the series ended. On the other hand, unless a big bankroll backed your faith in the law of averages, you might easily go broke by hitting in close succession two or three of these series wherin the normally to-be-expected 50-50 break of heads and tails was running against you at the rate of 80-20 or 70-30.
What I find interesting here is that there are many similarities between this study and roulette. Roulette adds a few more wrinkles into the equation by adding a 0 and a 00. It also adds a table limit which affects the equation. I think the one thing we can agree on is that before we attempt to play roulette, we must have a bankroll that is big enough to play effectively. This presents another question.
How big of a bankroll should one have before attempting the game of roulette? My general rule when I play is to have a bankroll that is between 100 to 200 times the minimum bet. What is your philosophy on how big your bankroll should be before we commence playing? I would be interested to hear your input on this.