at the burswood casino here in perth there is a wheel with the odds of 1-1 3-1 5-1 11-1
23-1 47-1 comprising of a total of 50 numbers
the percentages are below the true odds as others have said on this forum. however, does anyone think that it would be feasible with a suitable staking plan to make this a profitable venture betting on 1-1(44%) and 3-1(24%) table limit for 1-1 is $100 and 3-1 $50 with a $2 minimum bet. interested in any opinions

Sorry to disappoint you adonis, but no staking plan can make selections that lose at level stakes return a long term profit.

[ This Message was edited by: Mr. Logic on 2002-10-13 15:15 ]

Adonis,

Mr Logic is correct - there is no way to turn that into a winning system through a staking plan. If you want to look at the figures:

Looking at the 44% option - you would have to start your betting sequence at $2 and double after each losing bet - so the betting sequence would be $2, $4, $8, $16, $32, $64. If any of these bets win the you would make a profit of $2. If the $64 bet loses then you have lost $126 (64+32+16+8+4+2) - you cannot go any higher due to the limit.
The chance of each bet losing is 56% so the chance of all 6 bets losing is .56^6 (56% to the power of 6 or 0.56*0.56*0.56*0.56*0.56*0.56 which is roughly 3.1%

So if you start the betting sequence 100 times you will win your $2 97 times and lose $126 3 times. So profit on your wins will be $194 (2*97), but you will lose $378 on your losing runs. So total loss will be $184.

I suggest you keep your money in your pocket - don't donate it to the casino!