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- Believe it or not, a small proportion of the gambling community are actually able to make a decent living by getting involved in online gambling. Online gambling is now more widespread than it ever was. In fact, online gambling is gaining popularity much faster than its brick and mortar counterpart. People find it much more convenient to log.
- Michigan online casinos are live as of Jan. 22, and you have several great options in the palm of your hand. For anyone who has been keeping up with the progress of online gambling in Michigan, the launch is the culmination of a year of regulatory and operator work.
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You might have heard of a famous winning gambler named Ashley Revell. You might even know that he bet his entirebankroll on a single roulette spin. (He put it all on red, by the way.)
Depending on your perspective, Revell might be one of the biggest fools in the gambling community.
But he might also be one of the savviest roulette players in history.
For those who aren’t familiar with Revell’s story, here it is in a nutshell.
When he was 32 years old, Ashely Revell sold everything he owned – including his house and car – and then bet all his money on red in a roulette game.
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He was worth $135,500, and he won his bet at the Plaza Hotel and Casino in Las Vegas. Since red’s an even-money bet, he walked away with $271,000 in his pocket.
As it turns out, this is a perfect example of something called “the maximum boldness strategy.” The theory behind the maximum boldness strategy is that the best probability of doubling your moneyin a negative expectation game is to make a single huge bet.
Here’s why.
Suppose you have $100, and you want to double your money playing roulette. You could make a single $100 bet, or you could make a couple of $50 bets. You could bet four times, putting $25 on eachbet.
What’s the probability of doubling your money in each of those scenarios?
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The first thing to understand is the probability of doubling your money on a single spin of the roulette wheel. If you’re playing on a standard American roulette wheel and placing an even-moneybet, you have 18 ways to win out of 38 possible outcomes. Your probability of winning, therefore, is 18/38, or 47.37%.
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That’s as close as you’ll get to a 50/50 shot in this scenario.
To calculate probability when multiple events must happen, you multiply. To double your money when placing two bets of $50 each, you must win both of those bets.
The probability of that is 47.37% x 47.37%, or 22.42%. That’s a little better than 1 out of 5 and a little worse than 1 out of 4. This is because you also face other scenarios – losing both spinsor winning a spin and losing the other spin.
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This is also a good example of how and why the house edge works in gambling. The more bets you make, the likelier it is that the casino will win all your money.