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Casinos advertise a 95% payback for their slot machines. This means that for a $1 stake, a gambler can expect to get 95 cents back. a) What does 95% payback mean in terms of the expected value of a play on the slot machines? i.e. What is the expected value of a pull on the slots? b) How does this compare to choosing ‘black’ or ‘17’ on roulette or playing Keno? Which is the best bet?

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M91900838

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