I need help with this question:
A casino manager wants to introduce a Xmas game (that gives the customers an advantage). The Game: 1. A random colour machine displays either GREEN or RED. 2. Customer picks a colour and wins if their colour is displayed 3. A round involves 10 games. Of which GREEN is displayed 6 times on average (to give the customer an advantage) 4. Pay out is the stake x 0.7 (so if you select green and bet $1, your total return is $1.70 if green appears. But you lose $1 if red appears) (the customer still has a small advantage) QUESTION: What is the optimal betting strategy, to ensure that the customer wins $50 after every round (10 games) if the customer started with $100.
Please help me with this question.
Solved by K. S. in 25 mins