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- Jan 19th 2009, 06:02 PM #1

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## Question 3

18.

**Expected Value in Casino Dice**When you give a casino $5 for a bet on the “pass line” in a casino game of dice, there is a 251/495 probability that you will lose $5 and there is a 244/495 probability that you will make a net gain of $5. (If you win, the casino gives you $5 and you get to keep your $5 bet, so the net gain is $5.) What is your expected value? In the long run, how much do you lose for each dollar bet?

**Fir this problem you'll first show probability calculations, then populate this table**

Event

*x*

*P(x)*

*x*P(x)*

Lose

Gain (net)

Total

**The Expected Value = _______**

Wait! There is another part to answer this question. "In the long run, how much do you lose for each dollar bet?" Show key part of calculations (or explain)

**Conclusion: In the long run you can expect to lose an average of _______ cents for each $1 bet.**