Dependent Vs. Independent Events:
An "independent" event is NOT influenced by what has happened in the past.
- Flipping a coin is an "independent" event.
- A previous flip does not affect the next flip of the coin. Chances are still 50%.
A "dependent" event IS influenced by what has happened in the past.
- Place four coins in a bag: a penny, a nickel, a dime and a quarter.
- Draw out the penny.
- The odds have changed from 4:1 to 3:1 because there's one less coin. That means the chances of you now drawing out a nickel are greater.
All these terms are confusing. What are the big points I must remember?
Regardless of the type of gambling (cards, slots, etc.), "the house" - the gambling business - always wins in the end.
- They know how to work the odds, the risk, and the "event" in their favor.
- They understand risk.
- They understand how to use a customer's lack of knowledge to make money on that customer.
- If you are gambling in a professional game, you will always lose - 100% of the time - if you keep playing.