A Lucky or an Unlucky Streak May Last Your Lifetime (?)
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I have noticed that in gambling simulators (say blackjack or coin toss) that over a large number of plays (more than anyone is likely to play in a lifetime) the end result may be very unexpected and variable. This variance (mathematical variance?) can override the expected return.
IOW, performing the same simulation (say 1,000,000 coin tosses or hands of blackjack) results in outcomes that vary quite enormously. You could be playing brilliant blackjack, doing everything right, even having found a game with a player advantage, and still be losing (or winning against a house edge) ... simply due to luck.
And this luck could extend the length your entire life. ;-)
I'd like to do some more research on this but need the accurate keywords to search on.
I'd also like to have some discussion.
Quote: ElWealthoI admit I don't understand the math behind this so I am writing here to learn more.
I have noticed that in gambling simulators (say blackjack or coin toss) that over a large number of plays (more than anyone is likely to play in a lifetime) the end result may be very unexpected and variable. This variance (mathematical variance?) can override the expected return.
IOW, performing the same simulation (say 1,000,000 coin tosses or hands of blackjack) results in outcomes that vary quite enormously. You could be playing brilliant blackjack, doing everything right, even having found a game with a player advantage, and still be losing (or winning against a house edge) ... simply due to luck.
And this luck could extend the length your entire life. ;-)
I'd like to do some more research on this but need the accurate keywords to search on.
I'd also like to have some discussion.
some discussion on what makes variance, variance? or what makes each coin flip independent of the last?
Odds (say in a coin flip) are basically just a statistical combination in which the results will normalize to as n->∞
