assume that you are gambling/investing whatever you want to call it
everytime you do it, you have a 51% or higher chance of succeeding. does this mean you will inevitably (>99%) make a net profit over a sufficient number of times?
what function do you use to figure this out?
>>8341334
No. It's possible that you would lose every game for all time
>>8341334
What you are describing is literally called the gambler's fallacy
>>8341334
Your story doesn't give us any idea of what the EV is. How much are you losing when you lose and how much are you winning when you win?
That's what a casino is numbskull
>>8341334
You won't turn mathematics into money if you lack the basics.
>>8341495
>he asked a precise question
No he didn't. He said you have a 51% chance of success, but didn't say how much your win compares to your loss. Maybe you get $1 if you win, but lose $1000000 if you lose.
>>8341590
No retard. In either case you'll use binomial distributions.
>>8341591
>look at me guys I just took an introductory stats class
It's an unanswerable question given the information OP provided. All you'd be able to solve is the amount of wins to losses in a finite amount of attempts.
>>8341748
mhhhhh if only there was a way to express solutions non numerically for a general case...
What is it with stats that makes retard go "HURR DURR YOU CAN'T NO NUTHIN"
>>8341334
Not necessarily. What if you have enough losses in a row that you go broke, and can't bet anymore?
>>8341334
Yes, as long as the original investment returns a profit of more than 48/51 times what you invest when it succeeds, you can form a strategy which guarantees you a 99% of a net profit. This is because expected value is the same no matter how you invest:
0.51p-0.49 = 0.99x-0.01
x = (51p-48)/99 > 0
p > 48/51
>>8341912
>you can't answer OP's question definitively
Yes you can. Let's say the profit from a successful investment is p times the amount invested. Using a simple martingale betting system, you can keep raising your investment to cover your losses until the investment succeeds. The number of investments you need to make to have a 99% chance of getting a successful investment, and thus a net profit, is n such that 0.49^n = 0.01. So you only need to make 7 such investments and you will have a more than 99% chance of having a profit. Of course, the expected value from the investment will not change, because you have a very small chance of the investment failing all 7 times and you losing a lot more money than that potential profit.