This is a simple puzzle from Futility Closet.

“Mr. Smith goes to Atlantic City to gamble for a weekend. To guard against bad luck, he sets a policy at the start: In every game he plays, he’ll bet exactly half the money he has at the time, and he’ll make all his bets at even odds, so he’ll have an equal chance of winning and of losing this amount. In the end he wins the same number of games that he loses. Does he break even?”

Answer.

See Smart Money for solutions.