Solved: Odds Odds are used in gambling games to make them

Chapter 4, Problem 43

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Odds Odds are used in gambling games to make them fair. For example, if you rolled a die and won every time you rolled a 6, then you would win on average once every 6 times. So that the game is fair, the odds of 5 to 1 are given. This means that if you bet $1 and won, you could win $5. On average, you would win $5 once in 6 rolls and lose $1 on the other 5 rollshence the term fair game. In most gambling games, the odds given are not fair. For example, if the odds of winning are really 20 to 1, the house might offer 15 to 1 in order to make a profit. Odds can be expressed as a fraction or as a ratio, such as , 5:1, or 5 to 1. Odds are computed in favor of the event or against the event. The formulas for odds are Odds against _ P_E_ 1 _ P_E_ Odds in favor _ P_E_ 1 _ P_E_ 51 In the die example, Find the odds in favor of and against each event. a. Rolling a die and getting a 2 1:5, 5:1 b. Rolling a die and getting an even number 1:1, 1:1 c. Drawing a card from a deck and getting a spade 1:3, 3:1 d. Drawing a card and getting a red card 1:1, 1:1 e. Drawing a card and getting a queen 1:12, 12:1 f. Tossing two coins and getting two tails 1:3, 3:1 g. Tossing two coins and getting one tail 1:1, 1:1