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There's even been a study where (IIRC) they gave people $20 for free, and they could bet on coin tosses. There was no house edge and the rules were set up so th
by 55555 7y ago
There's even been a study where (IIRC) they gave people $20 for free, and they could bet on coin tosses. There was no house edge and the rules were set up so that with a basic understanding of probability and bet sizing they'd be able to cash out free money. IIRC 33% went bust.
- listenallyall 7y agoThis isn't a surprise, nor is it evidence of individual greed or stupidity. What's wrong with betting when there is no house edge? In which case, some people are inevitably going to wrongly pick heads or tails and thus lose their $20. Had the OP actually properly described how to build a useful Monte Carlo simulation, you could find your article, get the actual rules, run a simulation and check whether 33% was in line with expectations.