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Knowing you had a 50 percent chance of winning and would be paid 10 times the amount of your bet if you won, what fraction of what you now own would you be willing to wager?
Nowt!
I'm a cheap skate me - and I have one rule - never buy anything on credit. Gambling almost fits into that rule, thanks to the mysteries of my own logic. 50 % isn't a good enough chance for me to risk losing anything I owned.
Nothing, as I never gamble in the real sense of the word. The odd lottery ticket or raffle but that's about it, someone once said to me that they had never met a poor bookmaker and I think they are correct. But if you were allowed to have multiple bets then I suppose that on the basis of a 50% chance of winning then you could risk say 10% of your money, by the law of averages you must have won once by the time you had gambled say 4 X 10% bets. That one win would bring you back 100% of your total original worth, from that you replace the 30% that you may have lost on the 3 bad bets, so you are back to having a 100% of what you started with, plus a profit of 70% of your original worth. You now use this profit money to fund your future gambles without risking your original capital. In theory if you now bet say 25% of the profit money you could boost it on forever. I think............................
After my last bad experience of gambling, just happens the site i chose was a fraudulant one, on that basis of a 50/50 chance of winning i bet £60 and of course lost it (i was fuming) I would bet nothing, i have learned from my errors!
well spike and I both spent ages last trying to explain the concept to Hurghada lady. In the end she had to pretend she was betting and we sat there tossing a coin till she won and could understand what Horus was trying to explain in an earlier post...... think she got it in the end...
Now Horus - I am sure that your last statement will confuse matters again and will end up explaining - we were going to demonstrate with coins but couldn't find any and had to toss a coaster
You will have to use Kelloggs Corn Flakes as counters Mind you, she will probably think its a jigsaw of a Cockeral when se sees the box and be up all night trying to put it together Sorry HL I just could not resist it
Horus - we didn't have any corn flakes - but to my suprise I can down this morning and found a giant honey monster on the kitchen bench - so I take it we have Sugar Puffs.....
Did you have to sit with little piles of coins to prove the theory? 
I think I like the theory, when you and Mrs Horus are over next time I think we should go to the casino 
Sorry HL