Gambler's Ruin
The problem
You walk into a casino with $100. The casino has $1,000,000. You bet $1 per round on a perfectly fair coin flip. You play until one of you is broke.
What's the probability that you bankrupt the casino?
You walk into a casino with $100. The casino has $1,000,000. You bet $1 per round on a perfectly fair coin flip. You play until one of you is broke.
What's the probability that you bankrupt the casino?