Question

In a large​ casino, the house wins on one of its games with a probability of 50.6%. All bets are 1​:1. If you​ win, you gain the amount you​ bet; if you​ lose, you lose the amount you bet. If you play 180 games in an​ evening, betting​ $1 each​ time, how much should you expect to win or​ lose?

Answer 1

Answer:

E(x) = - $ 2.16

Step-by-step explanation:

If the house wins on one of  its games with a probability of 50.6 % (0.506), then you lose 180*0.506 games, it means you lose in 91.08 games, how your bet by game $1, then you lose $91.08.

You win in 180-91.08 = 88.92 games; how you gain the amount you bet, then you gain $88.92.

Thus the expect value of your gain is:

E(x) = 88.92 - 91.08

E(x) = - $ 2.16