Improving Your Odds By Losing?
Do the odds of winning a bet get better if you've been losing a lot?
If you flip a coin 49 times, and every time it has come up "heads", isn't there a greater chance that the next flip will come up "tails?"
No! The odds of the 50th flip coming up "heads" are no different than the odds of the first flip.
- When you toss a coin, the odds are always 50% that it will come up "heads" and 50% it will come up "tails".
- It does not matter how many times you have flipped the coin. The odds are always the same.
- The first 49 flips do not influence the 50th flip!
But a lot of people don't understand that the odds don't change.
That's why you need to understand the difference between "independent" and "dependent" events.