Re: A Less Obvious Martingale Fallacy
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Are you saying that it would be too risky for a real casino to allow someone to do this?
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Yes. Binion's used to be famous for being willing to accept huge bets. It let a guy bet $1 million on craps a couple times, I think. (Back when $1 million meant something.)
But there comes a point where it's definitely too risky. If I bet a few billion or whatever on red at Harrah's, I will own the casino if I win. The board of directors at Harrah's doesn't want to take that risk.
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Wouldn't that contradict what was said earlier about them making more money when more money is wagered?
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No.
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There must be a reason for table limits. Obviously EV isn't everything.
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EV isn't everything. There's variance, too.
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