Your Gambling Strategy Must be Based on One Amazingly Simple Mathematical Fact

I'll use a simple example to explain the basic gambling strategy:

Imagine a man offered a bag to you and said that four balls were inside it - blue, red, yellow and green. If he asked you to pick one out and bet on its colour, what should the odds be?

The answer is $4 (sometimes written as 3-1). So if you played the game four times (putting the ball back after each go) and if you bet green each time then the law of averages would say your results would be (for example):

1st go: Blue. Return, $0, Net position, down $12nd go: Red. Return $0, Net position, down $23rd go: Yellow. Return $0, Net position, down $34th go: Green. Return $4, Net position, square.

Obviously the above is just one example - you might well get four greens and finish with a profit of $12, but over the long run each ball will come out 25% of the time and with odds of $4 you will finish up square.

These odds could be described as fair odds.

The most important gambling strategy to have is only bet when the odds are in your favour. Eg if the man was going to give you $5 for a correct answer then over the long run you'll win; But if he was going to give you $3 over the long run you would have to lose.

It is worth noting that in almost every form of gambling no one ever offers advantageous or even fair odds! So how can you ever win? See the rest of the site for the answer!