  Parrondo's paradox is ubiquitous in games, ratchets and random walks.The
apparent paradox, devised by J.~M.~R.~Parrondo, that two losing games $A$ and
$B$ can produce an winning outcome has been adapted in many physical and
biological systems to explain their working. However, proposals on
demonstrating Parrondo's paradox using quantum walks failed {for large number
of steps}. In this work, we show that instead of a single coin if we consider a
two coin initial state which may or may not be entangled, we can observe a
genuine Parrondo's paradox with quantum walks. Further we focus on reasons for
this and pin down the asymmetry in initial two-coin state or asymmetry in shift
operator, either of which are necessary for observing a genuine Parrondo's
paradox. We extend our work to a 3-coin initial state too with similar results.
The implications of our work for observing quantum ratchet like behavior using
quantum walks is also discussed.
