Other gambling games:

If you are in a gambling situation where you have the worst of it, no betting strategy will make you a lavorite. For example, there is no betting system to beat the casinos at craps.

You can play with a betting strategy that will allow you to win a high percentage ol the time, but in the long run you will still lose. You will have many small wins, but your big losses will be more than the sum of the small wins. The typical strategy used is akin to what is called a Mar­tingale Strategy

Definition of Martingale Strategy: Make a small bet. If you w in, quit. Ii you lose, bet the amount you are behind plus enough for a small profit. Repeat the process until you win.

Many players manage their poker sessions using a Martingale ap­proach. They hit and run with small wins, but if they are losing they play until they

drop. They are psychologically fulfilled 90% of the time, but they still lose money overall.

Even though betting strategies will not counteract a mathematical dis­advantage, you may lose money to someone employing a Martingale type strategy against you. For example, let's say someone allows you to Hip a coin, and he will always call heads and will pay you 2 to 1 odds. He gets to decide the amount to bet on each Hip and how many times to Hip, each time paying 2 to 1 odds. He guarantees that he will do this with you every clay, and that he will never try to beat you out of more than $ 100 for the clay. There is no settling up until he calls it quits for the day.

His system: Bet to w in S 1 00 the first flip; if he loses, he will be down S200, so he will bet to win $300 on the next flip. If he keeps losing, he will bet an amount that will let him w in S 100. The sequence of bets w ill be $100, S300, S900, S2700, and so on. If heads comes up on the nth flip, he will have bet $100 \ 3 "' ¹¹ on that flip, and he will now quit and collect his S 100 for the day. There may be some long streaks of tails and he may get up to amounts he cannot pay, but eventually heads w ill hit and he w ill collect $100. If casinos gave unlimited credit and allowed unlim­ited bets, they would all go broke. But of course, there are credit limits and table limits.