Parrondo's paradox
en.wikipedia.org
en.wikipedia.org
I teach maths and have come across this before. I've always considered it just a really complex way of wrapping up something trivial and a bit stupid. Lets consider two much easier games, and take out the probability (it makes no difference that we do this).
Game A) At even time-steps, you give me $5. At odd time-steps, I give you $10.
Game B) I always give you $1, at each time-step.
Clearly both of these games are a lost cause for me. However, if we play ABABABA... then we alternate between you giving me $5, and me giving you $1, so I win!
This should be a winning strategy, against two losing games. The key is that the odds in game B vary, and you structure your gameplay such that you're mostly playing game B when the odds are better than even.
Oh, and you'd likely be kicked out of any casino in Vegas for doing this.