Determines the probability of losing a streak of wagers over the course of a wager series of specified length.
- Series Length: The size of the streak of lost wagers
- Streak Length: The size of the streak in number of wagers
- Loss Probability: The probability of losing any given wager
- Streak Probability: The probability of a streak of losses of length specified in the "Streak Length" text box occuring over a series of wagers as specified in the "Series Length" text box.
Q: If you place 500 wagers per betting season, each losing with probability 46%, what is the likelihood of losing 10 or more wagers in a row at some point during the season?
A: Enter 500 in the "Series Length" text box, "10" in the "Streak Length" text box, and 47% in the "Loss Probability" text box. Clicking "Calculate" we see that over a stretch of 500 wagers, a bettor who wins with probability 54% has a 10.677% probability of losing 10 or bets in a row.