Lost £1000 at roulette

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Reply 60

i lost 20 quid to a train ticket machine...well 16.50 if you include the fact that i got a ticket. believe me the roulette thing? far more fun

Reply 61

lamenter

Be glad it wasn't Russian.

Reply 62

andy_cole2

whats the diffrence?

Reply 63

NickNack

Theres a blonde standing at a change machine. She puts in a £20 note and a load of coins come out. So she puts in another and more coins come out. She keeps at this, and the casino staff sit there watching for a good 20mins, until one of them goes up and asks her what shes doing

She replies

"Go away! Cant you see I'm winning?!?!"

on a serious note though, £1000? what the hell were you thinking? and no, dont even think about going back in there u fool!!

Reply 64

Clubber Lang

The first rule of gambling is that you walk away when you become too emotional

Apparently the second is that you never rely on something in the past to be a good indicator of the future.

Reply 65

Drogue

G4ry

The odds are 18/37 each time. The events are independent and just because 10 blacks have come up in a row it doesn't mean to say the wheel is inclined to show you a red.
Actually, presuming we know nothing of the actual wheel, 10 blacks in a row is a relatively good indicator of a dodgy wheel that's inclined to show black more often than it should. I got work out the confidence level, but I'd imagine it'd be in the high 90% range.

Reply 66

thegreatstupendo

Why play roulette anyway? There's no skill to it, and statistically you will always lose (assuming a fair table).

Reply 67

Clubber Lang

thegreatstupendo

Why play roulette anyway? There's no skill to it, and statistically you will always lose (assuming a fair table).

High returns?

£20 on number 16 and you will have most of your 1000quid back in a few seconds!

I went to a casino once and a guy there was playing 3 tables at once!!

Reply 68

Praddles

You go to a casino to spend money.

If you come back with more than you originally had, it's a nice bonus. Never go to a casino to try and make money.

Reply 69

Economist

Roulette is a mugs game, you will never win in the long run. You could win by taking advantage of sign up bonuses.

As for 'no-one ever wins at gambling' its rubbish, ive won over 20K in the past year

Reply 70

McGraw

If you intend on making a profit gambling in a game where the house always has an edge over you, do not enter the long run. In roulette, bet on a single number with odds of 35:1, the same amount each time (equal to 1/36 of your total buy in). Essentially you are betting that you will win once before the 36th spin and therefore earn a profit. If you win on the 36th spin, you break even. When you win, stand up, leave and never go back. If you lose it all, do the same because you very quickly enter the long run.

The probability that you will at least break even is 1 - (36/37)^36 = 62.707% in Europe, and 1 - (37/38)^36 = 61.713% in the US. In both cases, you can expect to win on the 27th spin. Therefore, your expected return in the short run is (36 - 26 + 35)/36 = 1.25, so expected short run profit is 25%.

A simple rule of thumb: only gamble with what you can afford to lose; if the short run odds beat you, you can blame lady luck and walk away.