Question

Many casinos have a game called the Big Six Money Wheel, which has 54 slots in which are displayed a Joker, the casino logo, and various dollar amounts, as shown in the table at the top of the next column. Players may bet on the Joker, the casino logo, or one or more dollar denominations. The wheel is spun and if the wheel stops on the same place as the player's bet, the player wins that amount for each dollar bet.
If a player bets $2 on the $5 denomination, find the player's expectation. (Round your answer to two decimal places.)

Answer 1

Creating a discrete probability distribution table based on the possible outcomes of the game. The player's expectation is $8.44

• Player's bet number = $5
• Bet amount = $2

• Winning = $2 × $5 = $10

Probability that wheel stops on $5:

• Probability = required outcome / Total possible outcomes

P(stops on $5) = 7/54 =

Hence, probability of not winning = 1 - 7/54 = 47/54

X :____ - 2 _____ 10

P(X) : _ 47/54 ___ 7/54

Expectation or Expected value :

E(X) = (-2 × 7/54) + (10 × 47/54)

E(X) = $8.44

Therefore, the player's expectation is $8.44

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