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Sad state of afairs

Guest Kden

By Guest Kden
in General Chit-Chat

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DeadPool Criminal

DeadPool 4375

Posted
Posted
25 minutes ago, Booty Call said:

When you go from 8 Mil to 42k in one night because of gambling RNG absolutely raping you and you can't put in a comp request 

Feels Bad Man:(  

its not RNG the odds are 50/50 making the odds completely even. If you do 10 bets for 100k and loose half you can 10 more for 100k and come even according the law of large numbers. Solution to fixing gambling is dont gamble wastefully.

MAV Citizen

MAV 1726

Posted
Posted

Lesson 1 to gambling... house always wins (meaning you ALWAYS LOSE)...

Odds are 50/50 but eventually you'll have a bad luck streak.. ie. contrary to what some believe, if you lose 3 in a row and gamble a 4th time, the odds of winning are still the same as when you bet the first 3 times. A sample size of 10 bets isnt big enough to have the odds even out...however a few hundred bets you should see even returns...only issue is if you win the little bets and lose the big bets you are SOL... hence why i am NOT gambling.

  • Like 1
kev Immigrant

kev 423

Posted
Posted
3 hours ago, MAV said:

Lesson 1 to gambling... house always wins (meaning you ALWAYS LOSE)...

Odds are 50/50 but eventually you'll have a bad luck streak.. ie. contrary to what some believe, if you lose 3 in a row and gamble a 4th time, the odds of winning are still the same as when you bet the first 3 times. A sample size of 10 bets isnt big enough to have the odds even out...however a few hundred bets you should see even returns...only issue is if you win the little bets and lose the big bets you are SOL... hence why i am NOT gambling.

house and player win in poker tho but yeah coin flips and most gambling especially at casinos is created for the house to win 

Guest Kden

Guest Kden

Posted
Posted
3 minutes ago, kev said:

house and player win in poker tho but yeah coin flips and most gambling especially at casinos is created for the house to win 

kev last night you took my last 2 mil I had just witnessed you win 3 times I’m a row so I was like there’s no way you could win again so I bet my last 2 Mil in a attempt to actually not go completely broke but I just got fucked 

MAV Citizen

MAV 1726

Posted
Posted
42 minutes ago, Booty Call said:

kev last night you took my last 2 mil I had just witnessed you win 3 times I’m a row so I was like there’s no way you could win again so I bet my last 2 Mil in a attempt to actually not go completely broke but I just got fucked 

Again - the odds are the SAME with each and every bet. So he wins 3 in a row... the odds have NOT changed for him to win a 4th time. Think of it as flipping a coin...no matter how many times heads comes up in a row, the next flip will be a 50% chance of hitting heads...

Now if you want to get into the nitty gritty of statistics, we could say 'the odds of kev hitting 1 in a row is 50%, the odds of kev hitting 2 in a row is 25%, the odders of kev hitting 3 in a row is 12.5%, so damn man the odds of kev hitting 4 in a row is 6.25%..(aka formula = odds^attempts) ok i need to bet the house that he won't hit again... if you bet the house on that logic you're an idiot because your betting the house on a 50/50 chance not a 93.75/6.25 chance. Now if you made a side bet that kev won't hit 4 in a row BEFORE he started better...then thats a safe bet... 

Thomas Immigrant

Thomas 671

Posted
Posted

Maybe make a minimum amout of money to have like 5 mil to bet so people don't gamble their Altis life away

Ozzy Jones Immigrant

Ozzy Jones 362

Posted
Posted
11 minutes ago, Thomas said:

Maybe make a minimum amout of money to have like 5 mil to bet so people don't gamble their Altis life away

People losing all of their money and needing to go back to doing runs is a feature, not a bug. Moreover, better to learn the lesson the hard way on Olympus than IRL. 

Granted, with no house edge, there are some good betting strategies that greatly reduce your risk of losing your shirt, but these require some math and discipline.

 

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