So I have read how to play roulette...still a little confused, and now I'm faced with a probability question about it which makes the problem a little harder. Please help me reason this where possible.
Let's say you're in a debt of $500.
You have $250 and you're going to use that to try to pay back your debt. What are the advantages of:
- Betting all on black
So if I bet all on black, I have a 0.5 chance of winning \$250 (and then having $500). So simply advantages are quick return if I win...and just being bankrupt otherwise. Probably a risk not taking.
- Betting $50 on black 5 times (and if you haven't won, then you're just bankrupt).
Would this be an expectation question? I can make X~Bern(p). Would I have to use any conditional cases here?
- Betting in increments of $x until you make it all back or you go bankrupt.