Heads Or Tails

Crooks, an inveterate gambler, at Goodwood recently said to a friend, "I'll bet you half the money in my pocket on the toss of a coin--heads I win, tails I lose." The coin was tossed and the money handed over. He repeated the offer again and again, each time betting half the money then in his possession. We are not told how long the game went on, or how many times the coin was tossed, but this we know, that the number of times that Crooks lost was exactly equal to the number of times that he won. Now, did he gain or lose by this little venture?

H. E. Dudeney, Amusements in Mathematics (1917) · No. 121