Doubling up after losses, waiting for a colour that is “due”: this chapter tests popular systems and beliefs against the numbers.
Start with Why the Martingale System Fails.
Myths: Betting Systems and Casino Beliefs
Betting systems and casino beliefs tested against the maths: Martingale, the gambler's fallacy, hot and cold machines and more.
Entries in this chapter
Myths
The Gambler's Fallacy: Monte Carlo, 1913
The night black came up 26 times in a row at Monte Carlo, the exact odds of that streak, and why past spins never make the next one more likely.
Myths
Casino Math Glossary
House edge, RTP, expected value, variance, true odds and gambler's ruin: the terms of casino mathematics explained briefly, with links.
Myths
Why the Martingale System Fails
The Martingale doubles after every loss to win back one unit. Here is why table limits and finite money turn its many small wins into rare, ruinous losses.