You play roulette betting one dollar on the number 5 each time. The bet pays 35

Question

You play roulette betting one dollar on the number 5 each time. The bet pays 35 to 1. You have a 1 in 38 chance to win. On average, you will lose playing this game and each play will cost you approximately 5 cents. Suppose you play roulette 64 times, betting a dollar on the number 5 each time, your expected net gain is -3.2 dollars. Using the short-cut, the SD for the box model is 5.76 dollars. Thus, the standard error of playing 64 times is 46.08. In 64 plays, you will lose -----?----- dollars, give or take 46.08 dollars.

Explanation / Answer

Here, we already have all the computations done, in each of the play the expected amount loss is 5 cents per game. Therefore for 64 plays, the expected loss would be given as: 64*5 = 320 cents or $3.2

Therefore In 64 plays you will lose $3.2 dollars give or take 64.08 dollars.

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