Re: Teaching an intelligent guy about a basic statistics concept
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Also, on the Martingale crap. Isn't it profitable- given no betting limit and an unlimited bankroll?
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He was talking about using it in a real casino with a real bankroll. Actually, I don't think he had a concept of "bankroll" since he just assumed it couldn't fail.
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Even with an unlimited bankroll and no betting limits, it's -EV.
A sum of -EV bets will never be positive. This is easy to see.
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