I have been reading about the concept of an "edge" and one of the common experiments I heard was a coin flip experiment where people were allowed to bet any amount of an initial balance of $25 on a loaded coin where they knew the coin and its bias. They could do this for 30 minutes. If they lost, the bet they had made on that flip was decremented from the balance and vice versa if they succeeded. Apparently, most people failed at this and went bankrupt.
I created a notebook to try and understand how one should operate when they have this "edge". In the end, I ended up with a balance of between $35 and $40.
I would love to get an idea on how to analyse this problem statistically and how I could improve that result.