I'm trying to model a series of plays on a game of American roulette. This is where you can't bet on two numbers (the zeros) rather than European Roulette where you can't bet on one.
If you bet on even odds for example red, there is a 47% (16/38) chance of winning 1. This means a 53% chance of losing 1. So it is likely that you will lose (47% * 1 + 57% * -1) or 0.05.
How do I calculate how much you will lose on 2+ subsequent plays? I'm assuming that at each subsequent play you will lose more because the odds are stacked against you.
I'm not sure how to do this calculation. Any help will be much appreciated.