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Gambler's Piracy: The Wizard Of Odds

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Card games such as poker or even blackjack, the cards used literally have no life. Thus, there is no way for a normal person to determine who will win or lose instantly because the cards were shuffled in a manner it is hardly seen. In slots or roulette gambling, the present value of the results is very independent from its past values and there could be no pattern to determine if you are going to win or not on the next round. In short, there is no way for a person to know if he or she is winning or not. It mostly depends on luck and some people believe in these so-called betting systems.
A betting system is said to be a structured approach in gambling, in the venture where a person wants to gain profit from the initial money he or she has. …show more content…

For example: the colors red and black in the roulette. For instance, if the ball keeps landing on a color black for the 3rd time in the roulette, then surely the next one will be red.
In The Martingale Fallacy, for every time a person lost a bet, he/she doubles his/her bet. According to The Wizard of Odds website, The idea is that by doubling your bet after a loss, you would always win enough to cover all past losses plus one unit. For example if a player starts at $1 and loses four bets in a row, winning on the fifth, he will have lost $1+$2+$4+$8 = $15 on the four losing bets and won $16 on the fifth bet. The losses were covered and he had a profit of $1.
These fallacies won’t make a person get more money than on what they initially have in an instant and no betting system has been made in order for a person to get well-off by a snap. “Under no circumstances should you waste one penny on any gambling system. Every time one has been put to a computer simulation it failed and showed the same ratio of losses to money bet as flat betting. Gambling systems have been around for as long as gambling has. No system has ever been proven to work.” according to The Wizard of Odds website. That is the reason why we must not waste our money for gambling systems because they do not

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