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Probability of going broke
I would like to know the chances of going broke if taking bets on an even money proposition but charging 10% juice of each wager lost if I had 1,000,000.
If the average bet placed againest me was 1000 meaning if I lost the bet I lose 1000 and if I win the bet I win 1100 what is the chance that I could lose my initail 1,000,000. (Please show how you did this) What if the average bet was 5000 so -5000 or +5500. What if was 10000. All outcomes of bets would be 50/50. |
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