Note 45 — LECTURE IX. —— WHIST AS AN INVESTMENT. ——
Reading edition
“An experiment that does not go on to millions is very little use in determining such propositions. It can be demonstrated to the satisfaction of everyone that the odds, after having won the first game in a rubber, in favour of winning one of the next two games is three to one. Yet Mr. Clay considered that five to two was a bad bet, and we have lost not only at five to two but at two to one, and on one occasion we actually lost the long odds in two hundred bets, a hundred and three times, so that if we were to take this result as of any value, the odds would be slightly in favour of losing a rubber when you had won the first game, which is absurd.”—Westminster Papers.