An event either will happen or will not happen; this constitutes
a certainty. Some events are dependent, others independent. The
difference is very important. Independent events have no connection,
their happenings neither forwarding nor obstructing one another.
Choosing a card from each of two distinct packs includes two
independent events; for the taking of a card from the first pack does
not in any way affect the taking of a card from the second--the chances
of drawing, or of not drawing, any particular card from the second pack
being neither lessened nor increased. On the other hand, the taking of
a second card from a pack from which one has already been drawn is a
dependent event, as the composition of the pack has been altered by the
abstraction of one particular card.
The surprising way in which an apparently small advantage operates may
be judged from the following example:--A and B agree to play for one
guinea a game until one hundred guineas are lost or won. A possesses
an advantage on each game amounting to 11 chances to 10 in his favour.
Mathematical analysis of this advantage proves that B would do well to
give A upwards of ninety-nine guineas to cancel the agreement.
Further, many speculative events, which at first sight seem to
be advantageous to one side, are demonstrated by mathematical
investigation to be of an exactly contrary nature. A bets B thirty-two
guineas to one that an event does not happen, and also bets B thirty
guineas even that it does happen in twenty-nine trials. Besides this
A gives B one thousand guineas to play in this manner six hours a day
for a month. Here B would appear to have some advantage. Mathematical
investigation, however, proves that in reality the advantage of A is
so great that B ought not only to return the thousand guineas to A,
but give him, in addition, another ten thousand guineas to cancel the
agreement.
Every game of chance presents two kinds of chances which are very
distinct--namely, those relating to the person interested (the
player) and those inherent in the combinations of the game. That is
to say, there is either "good luck" or "bad luck," which at different
times gives the player a "run" of good or bad fortune. But besides
this, there is the chance of the combinations of the game, which
are independent of the player and which are governed by the laws of
probability. Theoretically, chance is able to bring into any given game
all the possible combinations; but it is a curious fact that there are,
nevertheless, certain limits at which it seems to stop. A proof of this
is that a particular number at roulette does not turn up ten or a dozen
times in succession. In reality there would be nothing astounding about
such a run, but it is supposed never to have happened. On the other
hand, the numbers in one column at roulette have been known not to turn
up during seventeen successive coups.
Public-domain text, read in full here on John Shaqi.
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