Bitcoin Forum

Hi,

I'm working on a project currently. I need help from some professionals.  ;)
I would like to hear your feedback on how different people gamble with their bitcoins.
I have a google sheet up and running, and will be adding all your future strategies to it.
https://docs.google.com/spreadsheets/d/1jvrwJ6Zx4rbVfyBf-bkPtEvbCHTU4XJjnMDqUIeRK74/edit#gid=0

All feedback is welcome, and thanks for helping me with my projekt.

Edit: Grammer, Thanks panjul07

Correction on your word projekt, it should be project . I dont get what you are trying to share to be honest but after opening the spreadsheet, it is just like martingale strategies which will always make gamblers lose at the end. Am I right?

checking the spreadsheet but it's martingale strategy i guess and lot of people share and use this strategy but still doesn't working for some people included me because i had lost all my money if i do this martingale strategy

Project is spelt wrong.
Also, you do realize that with the house edge and martingale, you will always lose in the end.

From what I have seen, it seems you just want to generate about 1000 dice bet results with "RANDBETWEEN" and see how good or bad martingale would work, am I right?

I know i will always lose in the end. That is how gambling works, but i would like to know how different people pay.
I have edit the grammer.

Gambling strategies are very interesting but this topic has been discussed intensively here and the conclusion is simple, there is no strategy, however there are a few strategies that can actually increase your odds like this one. (Example by Dooglus)

  bet 0.5 at 33%
  if you win, you get 99/33 = 3x, so you get 1.5 back, a profit of 1 - you've doubled your money

  if you lose, bet the other 0.5 at 24.75%
  if you win, you get 99/24.75 = 4x, so you get 2 back - you've doubled your money

  the only way it goes wrong is if you lose both the 33% and the 24.75% - the chance of that is (1-0.33) * (1-0.2475) = 0.504175
  so the chance of success is 1 - 0.504175 = 0.495825 = 49.5825% - a fraction higher than 49.5

So yeah, you are basically increasing your total odds by 0.0825% which is not huge but long term is obviously just better than 49.5

Looks like Martingale. That can work for some time but you going to lose with it eventually. You can find a correct mathematical analysis here: https://en.wikipedia.org/wiki/Martingale_%28betting_system%29 (https://en.wikipedia.org/wiki/Martingale_%28betting_system%29)

Each time you lose, you gain the upperhand. If you lose 1 bitcoins, you bet with 2. If you win you will have 1 bitcoin in profit. This would work even with high house edge

Could you try explaining the circumstances if he lose while betting with 2 bitcoins? Does't it depend on your probability(odds) selection weather you're more likely to win or lose? I know in this case is x2 which is 50% ,correct? I doubt you can be sure if the next roll with 2 bitcoins will work in your favor (could or could not).

Yes.

Thank you, i will be adding this then i get home, and if you wouldn't mind i would also be adding a link to this post, so i can refer to it.

Edit:
Even at 1% you would be winning.
If you lose you double your earnings. This way you if you ever win you will earn 1 bitcoin anyway.
All this is a analyse of the generated stats. I need this for presentation, so don't bet on it

As I said, there are strategies that can actually give you better odds and there are strategies that are actually bad or worse than others, martingale is not an optimal strategy, not only that but it's also an extremely slow strategy. You are basically wasting time for no reason since you are not going to get better odds by playing slowly.