2011-09-24, 05:33 PM
What is the difference between these two scenarios:
A) Bet $10, flip a coin
1) if heads, get $20
2) if tails, get $0
B) Bet $20, flip a coin
1) if heads, get $30
2) if tails, get $10
One of them has a minimum payout of $10, so it's not a gamble?
Of course not, both are gambles, you have a 50% chance of making $10 and a 50% chance of losing $10 in both.
A) Bet $10, flip a coin
1) if heads, get $20
2) if tails, get $0
B) Bet $20, flip a coin
1) if heads, get $30
2) if tails, get $10
One of them has a minimum payout of $10, so it's not a gamble?
Of course not, both are gambles, you have a 50% chance of making $10 and a 50% chance of losing $10 in both.