ABSTRACT
This is because expected value is additive; that is, E(X1+X2) = E(X1)+ E(X2) (Theorem 4.2.1). Translated into English, this means that if the expectation of a bet is negative, making bigger bets, or multiple bets together, will still produce a negative expectation. A more mathematical way of assessing multiple bets is this: The expectation of a collection of simultaneous bets can never be better than the expectation of the most favorable bet or worse than the expectation of the least favorable bet.
