Recall the game of roulette and the casinos fortunes when a, Ask an Expert

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Recall the game of roulette and the casino's fortunes when a player places a "red" bet. (See Example 4.28). For one $1 red bet, let G be the casino's gain. Then P(G = 1) = 20/38 and P(G = -1) = 18/38. Suppose in 1 month, one million red bets are placed. Let T be the casino's total gain. Find P(50, 000

Example 4.28

Roulette continued-how the casino makes money. In Example 4.2, we found the expected value of a bet of "red" in roulette. We will shift gears and look at things from the casino's perspective. Your loss is their gain. Let G be the casino's gain after a player makes one red bet. Then

Example 4.2

Roulette. In the game of roulette, a ball rolls around a roulette wheel landing on one of 38 numbers. Eighteen numbers are red; 18 are black; and two-0 and 00-are green. A bet of "red" costs $1 to play and pays off even money if the ball lands on red.

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Category:- Management Theories
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