The easiest to understand streaks is given with Red/Black:
Although the chance on Red and Black is the same for each spin (48%),this does NOT mean that on average in say 36 spins there are an equal amount of Red and Blacks. For an infinity number of spins that holds. However for a short sequence, there can be a abig difference in the numbers of Red and Black appearing.
Take 6 spins in a row, thesecan all be Red, all be Black
or a mixture of Red and Black.
If all are Red, and you were betting on Red, you had a winning streak,
if you were betting on black, you had a losing streak.
So in reality for the number of spins you will play, the
distribution of Redand Black will not be equal, and depending on what
the distriution is, and what you bet, you WILL have winning and losing
streaks. This is the real reason why people lose in the casino, not as
muchbecause of the house edge, but because of losing streaks.
You lose money because of the losing streaks. The casino wins money because
of the house edge.
Any succesfull strategy will have to deal with losing streaks to be succesful.
« Money Management | Statistics & Chances » |