Originally <a href='http://www.sportsbookreview.com/forum/showthread.php?p=22425637'>posted</a> on 08/16/2014:

Recently there was a flurry of posts from a certain poster; and some of them got me thinking about just how little many gamblers know, how that hurts them, and how a place like a casino takes advantage. Let’s start real basic, old school style.

You walk into my shop and I greet you at a table somewhere on the floor. I’m holding in my hand a bag and in that bag are 10 marbles. Exactly 7 of those marbles are red and 3 of those marbles are white. I will bet you even money that you cannot take two consecutive red marbles out of the bag. You do not return the first marble drawn before taking a second marble.

Do you take the bet? If not, as a three digit money line, what would I need to offer to change your mind?

For you veterans, those laughing at the simplicity of the task, I will always welcome, need, and want your knowledge in my threads. So for you guys, let’s take it a small step further.

At $100 per bet, and stated as a percentage, what is average long term return for this even money bet? If I offered $120 to your $100, stated as a percentage, what would that average return change to?

Let’s change the analysis. If I offered $270 dollars to your $100 that you can’t pull two consecutive red marbles out of the bag, how many of the 7 red marbles would you allow me to convert to white before you wouldn’t play the game?

And for guys breezing through, a question, maybe a bit more challenging, for you could be this…where would you place the table to greet the customer and why? And for fun, say you owned a grocery store, where in the grocery store would you place the game? Why?

So, would you take the bet?

If you are having difficulty or can’t answer the above questions, including table placement, you need to be able to, because I assure you, we winners can.