Hi Can someon help me wih this question please The law of av

Hi Can someon help me wih this question please.

The law of averages in gambling is frequently misunderstood by gamblers. Your friend likes to play a fair coin tossing game a lot where he always bets $1 on heads each time. If heads comes up, he wins $1 in addition to his bet and if tails comes up he loses his $1. You warn him that statisticial theory shows that his losses averages says that he will eventually even out in his wins and losses over time. Explain to him that, as the song goes, \"It aint necessarily so!\" and that the longer he plays the more he stands to lose in general. In other words, use your knowledge of statistics to decreases and what actually increases as more and more bets are made. Use a suitable box to work out your claims.

Solution

THE PROBABILITY OF HAVING HEAD = 0.5

SIMILARLY THE PROBABILITY OF TAIL = 0.5

SO ON A LESS NUMBER OF GAMES YES THERE IS A FAIR AND EQUAL CHANCES OF WINNING AND EVEN LOSSING THE BET

SO IF WE INCREASE THE NUMBER OF BET THEN THE CHANCE OF LOOSING WILL ALSO INCREASE AND IF WE HAVE WON THE GAME EARLIER WE WILL LOSSE OUT IN INCREASING THE NUMBER OF BET...