A roulette wheel has 38 slots, of which 18 are black, 18 are red, and two are green. When the wheel is spun, the ball is equally likely to come to rest in any of the slots. One of the simplest wagers chooses red or black. A bet of $1 on red returns $2 if the ball lands in a red slot. Otherwise, the player loses his dollar. When gamblers bet on red or black, the two green slots result in losses. Because the probability of winning $2 is 1838, the mean payoff from a $1 bet is twice 1838, or 94.7 cents. What does the law of large numbers say will happen if a gambler makes very many bets on red

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Answer:

Law of large number states that if an experiment is repeated independently many times, the expected value should be close to the average. In law of large numbers, as the sample size grows, the mean will get closer to the total number.

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