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How to make money off people who claim the dice are rigged

Posted By: Timothy Chow
Date: Thursday, 22 October 2015, at 9:15 p.m.

In Response To: How to make money off people who claim the dice are rigged (Jack Mack)

Murat wrote:

Also, have you noticed Chow's anticipating to make money by offering 35 to 1 odds? He said: "I can pay (say) $100 insurance, and get back—oh, I don't know, something less than $3600, perhaps $3500—if I do roll 66" :)) Is the Prof growing senile?? :(

What I said was correct. "I can pay $100 insurance" is not the same as "I can bet $100." In case you're not familiar with how money works, when you "pay," you give your money to someone else. Under what I said, if I buy insurance 36 times, I will pay a total of $3600, and will expect to get back $3500 once, for a net loss of $100 every 36 rolls on average.

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