Helps to think of it in binary, 11111111 (bin) == 255 (dec). Also helps to define the space of possible outcomes, 00000000 -> 11111111. Then ask, is this a di

Helps to think of it in binary, 11111111 (bin) == 255 (dec). Also helps to define the space of possible outcomes, 00000000 -> 11111111. Then ask, is this a discrete event or a sequence of discrete events? I.e. if we have a roulette wheel with 256 slots, and throw a ball in, then the chance of the ball falling in any slot is 1/256. But what if we say, we're going to generate that binary sequence by 8 successive flips of a coin, and we are aiming for 11111111 specifically? Then we have to multiply eight times. (0.5)^8 == .00390625 == 1/256 Where it gets a bit tricky is if we ask people to place bets after each successive flip of the coin. For example, starting with no flips, ask players to bet on the likelihood of 8 heads in a row. Next round, bet on the likelihood of 7 heads in a row, knowing the first was a head, etc. What minimal odds should the house give after each flip in order to reliably turn a profit on this game? Does it matter how many players are at the table when it comes to calculating those odds?