The purpose of this project is to help provide some initial feel for risk, probability and "betting." Purchasing a stock is, after all, a bet that the stock will increase in value.
In this project, I evaluate the actual betting strategy used at roulette in Las Vegas as follows:
episode_winnings = $0 while episode_winnings < $80: won = False bet_amount = $1 while not won wager bet_amount on black won = result of roulette wheel spin if won == True: episode_winnings = episode_winnings + bet_amount else: episode_winnings = episode_winnings - bet_amount bet_amount = bet_amount * 2
Here are some details regarding how roulette betting works: Betting on black (or red) is considered an "even money" bet. That means that if I bet N chips and win, I keep my N chips and I win another N chips. If I bet N chips and I lose then those N chips are lost. The odds of winning or losing depend on whether I am betting at an American wheel or a European wheel. For this project, we will be assuming an American wheel.
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