The house always wins. We always hear this when we talk about gambling. But what about that cousin’s friend’s brother who made a killing? For every winner, there are multiple losers. On top of that, although they made money on their latest bet, they fail to take into account the previous times that they lost money. Do not believe anyone that claims that they can consistently win at gambling games with a house advantage. Source: r/memes Contrary to “popular” belief, winning is not 50:50 when gambling. The house has to make money and they do so via a house advantage. In this article, we will look at what are the expected values of various gambling activities. Disclaimer on math: I tried my best regarding the calculations of the expected value of the various gambling games. Do let me know if there are any mistakes.…