Solved: Expected Value in Roulette When playing roulette
Chapter 5, Problem 25(choose chapter or problem)
Expected Value in Roulette When playing roulette at the Venetian casino in Las Vegas, agambler is trying to decide whether to bet $5 on the number 27 or to bet $5 that the outcome is anyone of these five possibilities: 0, 00, 1, 2, 3. From Example 8, we know that the expected value ofthe $5 bet for a single number is -26. For the $5 bet that the outcome is 0, 00, 1, 2, or 3, thereis a probability of 5/38 of making a net profit of $30 and a 33/38 probability of losing $5.a. Find the expected value for the $5 bet that the outcome is 0, 00, 1, 2, or 3.b. Which bet is better: a $5 bet on the number 27 or a $5 bet that the outcome is 0, 00, 1, 2,or 3? Why?
Unfortunately, we don't have that question answered yet. But you can get it answered in just 5 hours by Logging in or Becoming a subscriber.
Becoming a subscriber
Or look for another answer