There was a town called Stewpidville, Iowa where people would bet me on coin flips.

If they won the flip I would pay them $800. If I won the flip they would pay me $1,000.

Here is the kicker though: I had to play as long as they wanted but they could quit anytime.

Even though I had big positive EV on the coin flips due to the $200 difference in payouts on a 50/50 proposition it just wasn’t enough to overcome their ability to quit while they were ahead.

One after another they would line up and if they won their first coin flip for $800 they would just lock up their winnings and leave for the day $800 richer at my expense.

If they lost the $1,000 on the first flip often they would stop loss out for the day and not come back again until the next day.

Really no way for me to make money on this.