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Entirely so. They are merely playing against a certain event, which is bound in the long run to happen just once in the time it takes for them to win as much as they lose when the event happens; so that they can make nothing by it. " 'But surely some events are far rarer than others, and may be considered impossible,' I observed.
- 'Nothing is impossible to the cards, because the events don't depend on each other,' was the answer; and he continued, ' This dollar has only two sides; suppose I toss it up and you guess wrong, does that make you any more likely to guess right next time ? Certainly not. I've seen men guess wrong more than twenty times together. Besides, if you play only against a very rare event, your winnings will be proportionably small; and consequently, in order to double your capital, you must play so long as to give the event a good chance of happening. Suppose you play against losing ten times running; you can tell exactly how often you will do so by reckoning how much your stake becomes if left on to win ten times running. One piece doubled up ten times becomes a 1024 ; therefore just once in that number of coups you must lose or win ten times running; and you must play that number of coups to win as much as you lose when it comes. The game can't be played without risking to lose as much as you can win, and the best way of doing that is to put down the whole sum at once. You have just as good a chance of doubling it as by any way of dividing it into small stakes, and you don't expose it to being dribbled away in percentage to the bank. But if you are wise you won't touch the thing at all. I noticed you in the Killooney, and though we never spoke that I recollect, I took a liking to you, and I don't mind telling you that you are too good for the business. If you have won keep' what you have got, and if you have lost put up with it. No gambler is ever the richer for
