If we throw two fair coins then there are 4 equally probable possibilities: HH, TT, HT, TH.
Suppose we can't see the result, but we can check one of those two coins. (doesn't matter which one) Suppose the checked one is H. Then we know that both of them cannot be TT. So there are now only 3 possibilities: HH, HT, TH.
******And here is my mistake******
Therefore, the probability that the other coin in the pair is T (when we know that one of them is H) is 2/3.
Actually the probability is 1/2, because by checking one coin at random we remove only half of the cases in which they are different, so we are left with equal probabilities that both are same, and that they are different.
So there is no paradox.
Similarly, if we get T when we check one of those two coins, then the possibilities are: TT, HT, TH.
So, in this case the probability that the other coin in the pair is H is 2/3.
Let say that we have N such random pairs, and for each pair we check one coin and than place a bet on the state of the other. We would naturally always choose the opposite value for the other coin because, as demonstrated above, the probability that the other one will be opposite of the one we checked is always 2/3.
However, if those N pairs are truly random, then for large N there will be about N/2 pairs with the coins of same value (TT or HH), and about N/2 pairs with the coins of opposite values (TH or HT). And since we are effectively always betting that the coins have the opposite values, then this implies that we would win about half of the time.
How can that be? We are constantly betting on the results which have 2/3 probability, but we win only half of the times. What is wrong with my reasoning?