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Often on gambling threads, especially related to gambling addiction, I see the phrase: "know when to stop".
But this doesn't always mean the same thing. When talking about probability-based games like dice, I often see people talking about lower limits - for example, people stop if they've lost more than say, BTC0.01 in a week. But then what's the point of a house edge if you're intent on losing? If you have a set amount which you are willing to lose, in most cases you will continue to play until you lose that much, and since you have less money than the house, the house actually will always win.
But there's a solution to that. You set an upper limit as well as a lower limit.
Say the house edge was 1%. You bet with a lower limit (potential loss) of BTC0.01 and an equal upper limit.
Then when you bet, your chance of losing is not near 100%, because you actually know when to stop, and you can actually stop in winning positions.
Do you set an upper limit in probability games? Why or why not, and how do you lose the least when you know that in the long term the house will most likely win?
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