Poker Strategies
After receiving pocket cards, you are immediately faced with a choice: play your cards and either raise or call the blinds, or fold.
Practice Matters
3) The win streaks result in continuous losses
3) The win streaks result in continuous losses of $5 until a loss streak of 7 and then it results in a profit only if streak length 7 is a win. The probability of this event happening is one chance in 128. Not too good odds! So for practical purposes double up on win is not a good way to bet. On the other hand, during the lose streaks the $5 earnings continue to pile up and are only lost one time (in theory) on lose streak 7. Maybe not too bad when a Martingale is considered a “no-no” betting method.
However, what gets to the bettor is the randomness
However, what gets to the bettor is the randomness of the occurrence of the streaks resulting in big cumulative losses for multiple sessions! The average losses on Win Streaks identically match the average wins on the Loss Streaks. This statement may sound strange but look at the columns of Table 4-1 entitled Average Amount Won/Lost. Also, compare this column of Table 4-1 with that of Table 3-3. Except for streaks of 1, Table 4-1 shows losses during the Win Streaks and winnings during the Lose Streaks whereas Table 3-3 shows the opposite: winnings during the Win Streaks and losses during the Lose Streaks.