Binding Machines Buying Guide

Question by Solong N: Independent event an probability?
A person is playing a slot machine. He makes the comment “I have been playing this damn thing for over three hours and haven’t won yet! I will keep playing because I am bound to hit soon!” What’s wrong with what he said? Explain your answer using independent events and probability.

Best answer:

Answer by sandynlily
each individual spin of the reels is an event with outcomes of fixed odds, every time he experiences a losing event, the losing event is not removed from the pool of events of which the random events occur from and the odds of winning and losing remain the same pull after pull regardless of how many times he spins and loses. Assuming that the odds of the slot mahcine are set against him, it would not be in his better interest to continue playing the machine, as the odds of him winning have not changes at all and he is still expecting to lose.

Lesson be learned, this happens all of the time in casinos, do not chase your losses.

Know better? Leave your own answer in the comments!

A person is playing a slot machine. He makes the comment “I have been playing this damn thing for over three hours and haven’t won yet! I will keep playing because I am bound to hit soon!” What’s wrong with what he said? Explain your answer using independent events and probability.