in the game of roulette, a player can place a $10 bet on the number 36 and have

Question

in the game of roulette, a player can place a $10 bet on the number 36 and have a 1/38 probability of winning. If the metal ball lands on 36, the player gets to keep the $10 paid to play the game and the player is awarded an additional $350. Otherwise, the player is awarded nothing and the casino takes the player's $10. What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose? The expected value is $___ The player would expect to lose about $__

Explanation / Answer

expected value of the game to the player =(1/38)*350 -(37/38)*10=$-0.53

if played 1000 times The player would expect to lose about $ =1000*(0.53)=$530

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