Re: I flipped 100 coins
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Luckily, ordinary gamblers are NOT savvy about statistics. Case in point: several years ago, casinos began adding a counter to their roulette wheels that showed the last dozen or so spins of that particular wheel: what the number was and whether it was red or black. After putting in those counters, the casino profits from the roulette tables increased over 25% basically overnight, as people began betting on the roulette wheels that were "due" to hit a particular number or color.
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This does not follow for me. You're claiming that the house edge is greater when all players bet the same color? How is this so (I speak from ignorance about how roulette works)?
Otherwise, this makes no sense. Profits should not go up because even if all gambler's are following a gambler's fallacy strategy, their true odds remain the same.
That is, if it comes up red 10 times and I pick black because "it's due", I'll be right 50% of the time, just as I would be if I picked randomly. Forcing me to adopt a gambler's fallacy strategy never worsens my odds.
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House profits went up since more people began to play roulette. Since they believed the counter next to the wheel was actually an important factor in their decision making.
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