In the game of roulette, a player can place a $55 bet on the number 3434 and have a startfraction 1 over 38 endfraction 1 38 probability of winning. if the metal ball lands on 3434 , the player gets to keep the $55 paid to play the game and the player is awarded an additional $175175. otherwise, the player is awarded nothing and the casino takes the player's $55. what is the expected value of the game to the player

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Mathematics

Laci Hancock

27 January, 06:31

In the game of roulette, a player can place a $55 bet on the number 3434 and have a startfraction 1 over 38 endfraction 1 38 probability of winning. if the metal ball lands on 3434 , the player gets to keep the $55 paid to play the game and the player is awarded an additional $175175. otherwise, the player is awarded nothing and the casino takes the player's $55. what is the expected value of the game to the player

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Libby Burke · Answer 1

the correct question is

In the game of roulette, a player can place a $5 bet on the number 34 and have a 1/38 probability of winning. if the metal ball lands on 34 , the player gets to keep the $5 paid to play the game and the player is awarded an additional $175. otherwise, the player is awarded nothing and the casino takes the player's $5. what is the expected value of the game to the player

we know that

P (winning) = 1/38

P (losing) = 1-1/38 = 37/38

Expected value = 175*1/38 - 5*37/38

175/38 - 185/38 = - 10/38 = - $0.2632

The player's expected value is - $0.2632 (is losing)