Coin Chops: Can the Law of Averages be Replaced by the Law of Probability?

Alas, to the ‘average’ consumer of statistics, unlike we statisticians and data analysts, Probability is a sort of Comic I mean Cosmic Force i.e. ‘The Laws of Probability’ . David Hand OBE FBA has entertainingly looked at misunderstandings of this Comic Force and Coincidences in ‘the improbability principle: why coincidences, miracles and rare events happen all the time’ (2014).

But sitting here in the State Library of Victoria, I’m reading Frank ‘Power Without Glory’ Hardy’s novel ‘Four-legged lottery’ (1958). On page 179 of the Gold Star paperback edition there’s a bit of blarney about the ‘law of probability’ replacing the ‘law of averages’ where one of the two main characters, a professional gambler by the name of Jim Roberts, talks about the Anglo-Australian game of Two-Up which involves throws of pairs of coins, and is legal in Australian casino’s and traditionally, on the streets on ANZAC Day (25th April)..

‘in an honestly conducted two-up school, an equal number of heads and tails will be thrown over a long period; both head and tail bettor must lose [as the ‘house’ must take a percentage]. [To try and overcome the Law of Averages, giggle!] a tail better can back the tail on every spin – only for two throws, doubling [the] stake on the second throw if the spinner [bets heads] the first time. In this way [he or she] defeats the law of average <by winning> every time a spinner throws [both tails or one head and one tail and only loses when spinner throws both heads]’. Time for a simulation !

Watch this space. Same Stat Time! Same Stat Channel!