Playing the numbers. The numbers racket is a well-entrenched illegal gamblingoperation
Chapter 0, Problem 11.27(choose chapter or problem)
Playing the numbers. The numbers racket is a well-entrenched illegal gamblingoperation in most large cities. One version works as follows: you choose one ofthe 1000 three-digit numbers 000 to 999 and pay your local numbers runner adollar to enter your bet. Each day, one three-digit number is chosen at randomand pays off $600. The mean payoff for the population of thousands of bets is = 60 cents. Joe makes one bet every day for many years. Explain what the lawof large numbers says about Joes results as he keeps on betting.
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