What I found more interesting was that he wasn't worth anything like he thought he was. At the beginning of the program he thought he could get £150k together but after he sold everything he only had £55k (£25k of that was a share in his dad's company). BlueSquare.com gave him another £20k if he would change his name to Ashley BlueSquare!
Anyway, I can't really see what he would gain out of what he did even though he won. He still has to buy back all the stuff he sold. I think he got £25 for his video recorder, a new one will cost him at least £50 so it's a good job he doubled his money!
What was interesting, from a trading perspective, was that none of the casino's wanted to take the bet. Roulette has negative expectancy so from a punters point of view the longer you play the more likely you are to come out losing. Ideally, therefore, you want to risk the lot on one spin - that way it really is a pure gamble and you could actually end up winning. If you sat and played roulette for hours and hours risking 1% at a time over thousands of spins you are pretty much guaranteed to end up with less than you started with, as the negative expectancy kicks in - much better to gamble the lot on one spin. The casino's want you to sit there for hours so that the house edge has time to work for them.
Anyway, I can't really see what he would gain out of what he did even though he won. He still has to buy back all the stuff he sold. I think he got £25 for his video recorder, a new one will cost him at least £50 so it's a good job he doubled his money!
What was interesting, from a trading perspective, was that none of the casino's wanted to take the bet. Roulette has negative expectancy so from a punters point of view the longer you play the more likely you are to come out losing. Ideally, therefore, you want to risk the lot on one spin - that way it really is a pure gamble and you could actually end up winning. If you sat and played roulette for hours and hours risking 1% at a time over thousands of spins you are pretty much guaranteed to end up with less than you started with, as the negative expectancy kicks in - much better to gamble the lot on one spin. The casino's want you to sit there for hours so that the house edge has time to work for them.
He bet on red I think - so he had 50-50 chance - at best.
Maybe the casino's didn't want to take his bet due to the publicity. No casino in the world would want the tag of taking every penny off of some dumb sap - even though they actually do it day in day out. They want to promote the idea that you can actually win there.
Would they have broadcast the program if he lost?
Maybe the casino's didn't want to take his bet due to the publicity. No casino in the world would want the tag of taking every penny off of some dumb sap - even though they actually do it day in day out. They want to promote the idea that you can actually win there.
Would they have broadcast the program if he lost?
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