Are you familiar with the Expected Value formula?
It's really straight-forward . . .In the game of roulette, a player can place a $5 bet on the number 17.
He has a 1/38 probability of winning $175.
Otherwise, the casino takes the player's $5.
(a) What is the expected value of the game to the player?
(b) If you played the game 1000 times how much would you expect to lose?
He can expect to lose an average of about cents per game. (a)
In 1000 games: .
. . We can expect to lose about $263.16 (b)