This is a (hypothetical) question for those of you who are usually not into gambling. Let’s say somebody made the following proposition: There will be a coin toss. Your stake is $100. If head comes up, you lose your $100. If tail comes up, you win one million dollars.
Would you take this bet?
Well, I’m morally opposed to all gambling so I would not take the bet.
But if I wasn’t I would still be leery. There would have to be a catch (two headed coin, payoff is in Zimbabwe dollars, other party simply laughs and walks away if tails comes up).
Unless I understood what the rationale was for this, I would assume I’d just lose $100.
I am absolutely not a gambler, and I’m retired so losing $100 would be a big deal. I don’t think I’d play.
I am a gambler so I’ll play and I’ll pay the $100 for** TheMightyAtlas** and FairyChatMom to “invest”.
I’m not a gambler, but I’d take this deal in a heartbeat (assuming I know it’s a fair coin). Not liking to gamble when odds are pretty reasonably distributed, does not mean you’re not willing to take a great “deal” when offered one.
Can we assume everything is on the level within the context of the hypothetical question?
If yes, then yes.
If no, then no.
mmm
I’m not a gambler, but assuming a fair coin toss this isn’t much of a gamble. I’m in.
I don’t gamble because I know how odds work and how the house always has the edge.
But for you hypothetical “yes” I’m in! How many times can I play? Can I walk after I win?
I would deeply suspect I was being scammed. If the hypothetical is such that we magically know the deal is fair, I guess I’d be tempted to play.
Stranger? No freaking way. Someone I know and trust to play honest and come through? Maybe.
(I live near a casino and have played less than 5 bucks a year there so I figure I qualify under the OP)
The bet is supposed to be as legit as the state lottery, fair coin, no scam. I wish I had set the stake at $500, though. This is getting costly. 
I’d take the bet even if it cost me $5000. That’s still a 200:1 payout with 50/50 odds. And I NEVER gamble. I won’t even put a quarter in a slot machine.
The expected value of the bet is $999,900, and the risk of one game is only a hunnert bucks. Sounds like a pretty good deal to me.
Assuming it’s really fair, of course.
Can I play repeatedly?
Assuming that the game is known to be fair and the banker’s credit is good, you’d be a fool to pass this up. Absent those data, though, this promises to be one of those earful-of-cider propositions.
Correct. If it’s just some guy, even if the coin is fair, you would have to be an idiot to think he’ll pay off. If it’s Warren Buffet, or a Vegas casino doing this in public, then sure, I’d be all over it.
“One of these days in your travels, a guy is going to show you a brand-new deck of cards on which the seal is not yet broken. Then this guy is going to offer to bet you that he can make the jack of spades jump out of this brand-new deck of cards and squirt cider in your ear. But, son, do not accept this bet, because as sure as you stand there, you’re going to wind up with an ear full of cider.”
My only question would be…How many times can I play?
I’m in.
My favorite example of a winning bet that confounds people is the St. Petersburg paradox. It has infinite expected payout, but most people wouldn’t play for any substantial bet.
Gambling psychology is weird.
Howsabout I front your $100 to bet. Should you win, I’ll give you $150 and keep the rest, but a loss costs you nothing?