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Gambler's Ruin
generalGambler's ruin is a statistical concept that demonstrates that a gambler with a finite amount of money playing a game with a negative expected value will eventually go broke, regardless of their betting system.
Key Takeaways
- 1Gambler's ruin is a statistical concept that demonstrates that a gambler with a finite amount of mon
Gambler's Ruin
Gambler's ruin is a statistical concept that demonstrates that a gambler with a finite amount of money playing a game with a negative expected value will eventually go broke, regardless of their betting system.
Example
Despite a few early wins, the gambler's ruin was inevitable as he continued to play a game with a house edge.
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