A Casino Chip is awarded a value as prescribed by the casino owner. That said, currently, most casino's offer a $1000 dollar chip, used primarily for 'Coloring Up' at the tables. In order to redeem said chip, usually the cage will request a floor supervisor to verify it's issueing to.

In case you are a religious poker chip collector, then you must learn to identify the authentic poker casino chips. If you do not have the knowledge of identifying poker chips, you might be losing thousands or even more dollars. I will give you basic information about these poker chips:

The way to identify the authentic poker casino chips is to understand and know as much as possible about the poker chips and the casinos that you are interested in. Whilst, it is a fact that most of the large companies have ownership on those casinos. Therefore, each casino has a bundle of chips that are unique and specific from the others. The reason is the funding of each of the casinos that back each of these chips which are a part of their casino. So, this is the main reason why the casinos dishonor chips issued at some other casinos. Though, there are some exceptions to the rule. Some casinos of Las Vegas and Nevada are generally an exception to this rule.
It is very important to recognize the authentic poker casino chips. These chips are made in such a manner that the security features are actually incorporated in the real chips. If you find some artwork integrated in these chips, then they become the highest Quality chips. Also, there are different color combinations in the edge of these chips. They are also called as the edge spots. With the intention of identifying whether the casino poker chips as authentic or genuine to that particular poker casino, it is very essential to have the knowledge of the edge spots and the artwork imbibed in the poker chips.
In the learning process regarding the poker casino chips that are very unique to a particular poker casino, you need to understand whether the UV marks are there or not. There is typical visibility in the inlay of these chips. Many poker casino chips that you manage to collect must be used in the conjunction with RFID (Radio Frequency IDENTIFICATION) technology. The casinos have machines that place tags common to the technology into poker chips for security reasons so as to ensure the authenticity of the casino chips. If you wish to find whether you’re dealing with an authentic chip or not, you can attempt and find out whether the RFID tag is present or not. In case if it is present, there are special equipments for identifying the same.
Casinos release limited edition and special theme poker chips on several occasions. If you’re a diehard fan and a collector of chips, then you must ensure in the best interest that you are aware of these releases. With this you will be in a position to analyze your chips and understand their authenticity.
Also see this comment from Kendal for more ways to identify fake Casino chips.

I am sure that you are going to be careful in identifying the casino poker chips and also make sure about the important signs in the chips like the artwork, stamp, UV marks, RFID and the edge marks.

Updated on 2018-07-04

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A martingale is any of a class of betting strategies that originated from and were popular in 18th-century France. The simplest of these strategies was designed for a game in which the gambler wins the stake if a coin comes up heads and loses if it comes up tails. The strategy had the gambler double the bet after every loss, so that the first win would recover all previous losses plus win a profit equal to the original stake.

Since a gambler will almost surely eventually flip heads, the martingale betting strategy is certain to make money for the gambler provided they have infinite wealth and there is no limit on money earned in a single bet. However, no gambler possess infinite wealth, and the exponential growth of the bets can bankrupt unlucky gamblers who chose to use the martingale, causing a catastrophic loss. Despite the fact that the gambler usually wins a small net reward, thus appearing to have a sound strategy, the gambler's expected value remains zero because the small probability that the gambler will suffer a catastrophic loss exactly balances with the expected gain. In a casino, the expected value is negative, due to the house's edge. Additionally, as the likelihood of a string of consecutive losses occurs more often than common intuition suggests, martingale strategies can bankrupt a gambler quickly.

The martingale strategy has also been applied to roulette, as the probability of hitting either red or black is close to 50%.

Intuitive analysis[edit]

The fundamental reason why all martingale-type betting systems fail is that no amount of information about the results of past bets can be used to predict the results of a future bet with accuracy better than chance. In mathematical terminology, this corresponds to the assumption that the win-loss outcomes of each bet are independent and identically distributed random variables, an assumption which is valid in many realistic situations. It follows from this assumption that the expected value of a series of bets is equal to the sum, over all bets that could potentially occur in the series, of the expected value of a potential bet times the probability that the player will make that bet. In most casino games, the expected value of any individual bet is negative, so the sum of many negative numbers will also always be negative.

The martingale strategy fails even with unbounded stopping time, as long as there is a limit on earnings or on the bets (which is also true in practice).^[1] It is only with unbounded wealth, bets and time that it could be argued that the martingale becomes a winning strategy.

Mathematical analysis[edit]

The impossibility of winning over the long run, given a limit of the size of bets or a limit in the size of one's bankroll or line of credit, is proven by the optional stopping theorem.^[1]

However, without these limits, the martingale betting strategy is certain to make money for the gambler because the chance of at least one coin flip coming up heads approaches one as the number of coin flips approaches infinity.

Mathematical analysis of a single round[edit]

Let one round be defined as a sequence of consecutive losses followed by either a win, or bankruptcy of the gambler. After a win, the gambler 'resets' and is considered to have started a new round. A continuous sequence of martingale bets can thus be partitioned into a sequence of independent rounds. Following is an analysis of the expected value of one round.

Let q be the probability of losing (e.g. for American double-zero roulette, it is 20/38 for a bet on black or red). Let B be the amount of the initial bet. Let n be the finite number of bets the gambler can afford to lose.

The probability that the gambler will lose all n bets is qⁿ. When all bets lose, the total loss is

{displaystyle sum _{i=1}^{n}Bcdot 2^{i-1}=B(2^{n}-1)}

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