Every year hordes of people flock to Vegas, Macau or Monte Carlo with the claim that they know how to beat the odds in the Casino. Most of them fail as after all there is no such thing as a ‘sure thing’ in the casino, or is there?
Mathematicians Lester E. Dubins and Leonard J. Savage claimed there is when they published their book ‘Inequalities for Stochastic Processes: How to Gamble If You Must’ in 1965. They came up with a system based on probability theory, commonly known as the Dubins-Savage strategy, for playing and winning at the game of Roulette.
In simple terms the Dubins-Savage Strategy (which has been built on the Martingale Strategy) states that you place a bet on either red or black. Your winning odds are now close to 50%. They are not quite 50% due to the zero on the roulette table. When you now bet 10$ on black and you win, you have won 10$. But say you lose, then in the second play you double up your bet on black to 20$. If then you win, you won back the 10$ you lost and won an extra 10$. So, in simple terms, every time you lose you double up. As the chances are close to 50/50, provided you have “infinite wealth”, in theory you cannot lose. However, no gambler possesses infinite wealth and an unlucky gambler can see himself doubling up and doubling up as the wrong colour comes 5 to 10 times in a row. Here unfortunately, luck does come in to play. But how unlucky do you have to be for red to come 10 times in a row?
To find out more get the book by Lester Dubins & Leonard Savage on Amazon: How to Gamble If You Must: Inequalities for Stochastic Processes (Dover Books on Mathematics)
Alternatively check out www.howtogambleifyoumust.com for books, strategies and systems to beat the casinos at their own game.
