Can You Bet Better?
Would you take this bet?
Your friend he’s going to pick two different random numbers from a distribution not known to you. He will then write the two numbers of two small pieces of paper and put each one in each of his enclosed hands. You then pick a hand and he will reveal the number in that hand.
You then place your money on which hand you think contains the larger number. He will match your money, betting on the other hand (regardless of whether or not you chose correctly — this is a precondition), the numbers will then be revealed and whoever was right keeps the sum of the money.
You only get one shot at this, and the bet is £1… If you can’t afford to lose it – don’t bet! The question is, is there a strategy to beat 50:50 odds and if so how?