MATH-DRIVEN ROULETTE BETTING by Catalin Barboianu is a concise book that lays out the principle math behind the game of roulette.

Roulette is an open game, meaning it's mostly reliant on chance. This doesn't mean the game is unbeatable. Players can choose strategies for where to place their chips. Increasing the probability of winning decreases the potential payout if the bet is won. In investment terms, I see these two axioms as preservation of capital (diversification) versus focusing positions on the risk/reward of capital (value investing).

Interestingly, from my experience in crypto, these two axioms are inverted compared to TradFi. Meaning, diversifying increases the likelihood of hitting a multiple, while focusing capital increases only the downside risk of purchasing power without the upside multiple. This is because all tokens, as of writing this, tend to run to zero.