I got some good, some average and some great answers. Let me simplify the answer of this query, in my own way to sum up.
Let's take a coin flipping game. I enter a game of coin flipping, not being aware that in past 15 flips they were all heads. Now, if I want to make one decision/ one bet, betting head or tail would be equally wise or unwise because both have 50-50% chance to appear in this flip but if I need to make 5 bets to get a net win, it will be wise to bet that a tail will come in next 5 trials, considering both the sequential probability of 20 hits of heads in succession and 5 consecutive failures of tails(after you start betting). Getting 5 consecutive failures of Tails is 1/32 and getting 20 wins of heads is one in a million probability. Now, if someone loses here, he is an unlucky gambler who just saw a one in a million probability working against him.
Say, I lost. Now, a guy looking at this, started a 10 step martingale that a tail will hit is next ten flips. Now, if we consider a sequential probability of 1 hit in 30 attempts of an EC bet, the last man doesn't only have a probability of 1 hit in 10 trials working for him but also 1 win in 30 trials sequential probability at run. If he loses his 10 bets, it would be an almost impossible 1 in a billion event but if he just tries to win in 1 single flip after even 20 losses, he is having only 50% chance to win then and there.
Just to clarifying, I am not advocating playing after so many losses, because:
1. Say, if you decide to bet after 20 runs of an EC, against that, u may need to wait one million spins to get an opportunity to bet once
2. Every limit of consecutive win or lose of any bet is a virtual limit, we can't guarantee that there will be no 31st consecutive win of an EC or loss of an EC bet.
To clarify further, I am not advocating playing Martingale either, in any form or condition because I consider it to be the most foolish approach to try to win the least (1 unit is the max we can earn) risking the max we can afford or that table allows.
We haven't seen 36 reds in a row ever or maybe we will never see this because it will be a once in many billions event. Every single spin is free to deliver anything but if we talk of succession, it is a very part of a running sequence and has a virtual limit. I think 1 in a billion event can be safely presumed to be the virtual limit of the bet.
Let's take a coin flipping game. I enter a game of coin flipping, not being aware that in past 15 flips they were all heads. Now, if I want to make one decision/ one bet, betting head or tail would be equally wise or unwise because both have 50-50% chance to appear in this flip but if I need to make 5 bets to get a net win, it will be wise to bet that a tail will come in next 5 trials, considering both the sequential probability of 20 hits of heads in succession and 5 consecutive failures of tails(after you start betting). Getting 5 consecutive failures of Tails is 1/32 and getting 20 wins of heads is one in a million probability. Now, if someone loses here, he is an unlucky gambler who just saw a one in a million probability working against him.
Say, I lost. Now, a guy looking at this, started a 10 step martingale that a tail will hit is next ten flips. Now, if we consider a sequential probability of 1 hit in 30 attempts of an EC bet, the last man doesn't only have a probability of 1 hit in 10 trials working for him but also 1 win in 30 trials sequential probability at run. If he loses his 10 bets, it would be an almost impossible 1 in a billion event but if he just tries to win in 1 single flip after even 20 losses, he is having only 50% chance to win then and there.
Just to clarifying, I am not advocating playing after so many losses, because:
1. Say, if you decide to bet after 20 runs of an EC, against that, u may need to wait one million spins to get an opportunity to bet once
2. Every limit of consecutive win or lose of any bet is a virtual limit, we can't guarantee that there will be no 31st consecutive win of an EC or loss of an EC bet.
To clarify further, I am not advocating playing Martingale either, in any form or condition because I consider it to be the most foolish approach to try to win the least (1 unit is the max we can earn) risking the max we can afford or that table allows.
We haven't seen 36 reds in a row ever or maybe we will never see this because it will be a once in many billions event. Every single spin is free to deliver anything but if we talk of succession, it is a very part of a running sequence and has a virtual limit. I think 1 in a billion event can be safely presumed to be the virtual limit of the bet.