Imagine there is a gambling site, that is based on a computer program and the win chance is exactly 50%. Does the possibility of winning increase when a great amount of consecutive losses occur?
If i place the money after every 10 consecutive losses for 1000 times, am I more likely to get a profit?
I think it is obvious that the possibility of winning should increase with consecutive losses, but i had a few mathematicians tell me that since the possibility was 50% at the beginning, it always remains 50%, regardless of the previous losses/wins.
What do you guys think?
If i place the money after every 10 consecutive losses for 1000 times, am I more likely to get a profit?
I think it is obvious that the possibility of winning should increase with consecutive losses, but i had a few mathematicians tell me that since the possibility was 50% at the beginning, it always remains 50%, regardless of the previous losses/wins.
What do you guys think?