Yes, you're missing something...
I think the point is, assuming 50/50 black and red, in 50% of cases stake is lost, in other 50% of cases stake is doubled, so net effect is neutral. The house makes its money on the exceptions (0 and 00) where neither red nor black wins.
This is what makes Casinos so very effective for laundering money - that the Casino take is so small. And a cynic might suggest that its not entirely in the casino's interests to be too much on the lookout for money launderers since they are such very good customers... unless it gets found out.
Biting the hand that feeds IT
