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Originally Posted by romankoz
I am sorry but I am not sure what you mean by EV. When I know that I will reply with more depth.
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EV = Expected Value (the expected frequency of occurrence of an event over a "long-run" series of trials). For example, the expected value of specifically getting "heads" on any one flip of a fair coin would be .5.). (Half the time you'd get heads, and half the time you wouldn't.)
If there is a payout of some kind associated with wagering on the outcome of an event, the expected value determines the "fair odds" connected with the wager. In the case of the coin flip, "fair odds" would be a payoff at odds of 1-1 every time you were right. For example, you bet $1.00, you get $2.00 back (your original dollar, plus a dollar profit). Any payoff less than "fair odds" would give an edge to whoever was offering the odds that you were accepting on the event.
Contributors to the thread are making the point that there is no way that any method of betting (including progression) can turn a wager that has a negative expected value into one that has a positive expected value.
