On a roulette wheel there are 38 spaces numbered 0, 00, and 1-36. Half of the 1-36 spaces are red, the other half are black. The 0 and 00 spaces are green.
Simulate the playing of 1000 games betting either red or black (pick one and stick with this strategy). Both red and black pay even money. This means that if you bet $1 and win, you get $1; if you lose, you lose the $1 that you bet. Run your simulation with a $1 bet on each game. Keep track of your earnings. What is the average earnings per game? What was your longest winning streak? Longest losing streak?
Simulate playing 1000 games betting green. Green pays 17:1, so if you win, you get $17; if you lose, you lose the $1 you bet. Here what is the average earnings per game? How does it compare with betting red or black? What was your longest winning streak? Losing streak?
What strategy do you recommend using and why?