In the narrow financial circles of a casino, how is it played?
What is that gambler betting on? He’s betting big or small—he’s wagering whether this roll will land big or small, so he places his bet on rise or fall, up or down. Now observe the casino: what is it betting on?
It’s betting on the gambler.
It bets that the inevitability of your long-term ruin—yes, the fact that a gambler who keeps playing will eventually lose everything—is a certainty.
As long as the gambler’s probability of winning is below 50%, and as long as he stays in the casino, he will inevitably lose it all.
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