Explain the Law of Large Numbers. How does this law apply to gambling casinos? Choose the correct answer below. A. As the number of repetitions of a probability experiment increases, the proportion with which a certain outcome is observed gets closer to 0. Casinos use the Law of Large Numbers to determine how many players gamble in certain games. B. As the number of repetitions of a probability experiment increases, the proportion with which a certain outcome is observed gets closer to the probability of the outcome. This applies to casinos because they are able to make a profit in the long run because they have a small statistical advantage in each game. C. As the number of repetitions of a probability experiment increases, the proportion with which a certain outcome is observed gets closer to 1. This applies to casinos because they are able to make a profit in the long run because they have a small statistical advantage in each game. D. As the number of repetitions of a probability experiment increases, the proportion with which a certain outcome is observed gets closer to the probability of the outcome. Casinos use the Law of Large Numbers to determine how many players gamble in certain games.

C. As the number of repetitions of a probability experiment increases, the proportion with which a certain outcome is observed gets closer to 1. This applies to casinos because they are able to make a profit in the long run because they have a small statistical advantage in each game.

Step-by-step explanation:

In casinos there may be eventual winnings from gamblers, but thanks to the Law of Large Numbers, the casino has guaranteed winnings.

Casino games are "unequal games": the outcomes of each game always give the casino a small advantage. That is, the expected value of each game represents a profit for the casino.

In this way, although there may be a winning streak for some gambler, in the long run the result is going to be, with a very high probability, the theoretical outcome or expected value (a profit for the casino). A game repeated many times, as it will happen for a operating casino, will end up giving the expected winnings for the casino with a very small variance.