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April 24, 2014

April 24, 2014

Posted by **Hayli** on Wednesday, September 29, 2010 at 8:44pm.

Suppose you bet $5 on a single number--say, the number 18. The payoff on this type of bet is usually 35 to 1. What is your expected gain?

- statistics -
**Reiny**, Wednesday, September 29, 2010 at 9:30pmprob of your number coming up is 1/36

expected gain = 35(5)(1/36) = 4.86

So, just like in every gambling game, in the long-run you would lose.

- statistics -
**Hayli**, Wednesday, September 29, 2010 at 9:46pmthank you

- Correction - statistics -
**Reiny**, Wednesday, September 29, 2010 at 11:01pmthe Prob of your number coming up is 1/38 , not 1/36

which changes the result to

5(35)(1/38) = 4.61

even worse than before

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