A state has a lottery game where a person picks one of the 1000 three-digit numbers between 000 and 999. The lottery selects a three-digit number at random. With a bet of $1, a person wins $700 if their number is selected and nothing ($0) otherwise. The expected value of the probability distribution for the amount of money you will win is 0.70. What is the correct interpretation of the expected value

The expected value of expected mean simply means the long run average because the expected mean refers to the average value of a random variable which is which is obtained over a large number of trials or experiment. In the case of lottery game, expected will thus be interpreted to mean the average winning (or loss) expected which a player earns or incurs after playing the lottery many times. It differs from the mean or average value earned after playing just a game or two as it refers to a long run average.