or get broke trying…

A few days ago, I was talking with a friend about a simple coin flipping game that, he claimed, can make the organiser immensely rich. After he described it to me I was a bit sceptical.

The rules of the game are quite simple:

To enter the game you must pay 1€. You then choose to bet on ‘head’ or ‘tail’ and a coin is flipped. If you correctly predicted the outcome you get paid 1€. You can decide to keep it or to bet it again in hope of getting an additional 2€. If you win you now have a total of 3€. Again you can choose to leave the game and keep the money, or you can try your luck and bet those 3€ to win an additional 4€. And so on… You can continue betting as long as you win and every time you double the amount of your additional gains. If you choose to continue and loose however, all your betting money is lost.