A casino has a new game. A gambler can bet $10 and get a 1% chance of winning $100. If the gambler loses, they can bet another $10, and their chance of winning increases from 1% to 2%. After each loss, the gambler can bet $10, and the chance of winning will increase 1%.
What is the average number of bets the gambler must place to win the $100? Is this game in favor of the gambler or the casino?
Answer to come….