Thus after gambling 100 dollars the idealized average gambler would be left with 99 dollars, but, if he continued to bet using his 99 dollars in winnings, he would again lose 1% on average and his expected value would go down to 98.01 dollars.
Thus after gambling 100 dollars the idealized average gambler would be left with 99 dollars. He would again lose 1% on average. He continued to bet using his 99 dollars in winnings. His expected value would go down to 98.01 dollars.