SOLUTION: A roulette wheel has 18 red, 18 black, and 2 green slots. one dollar bet on black wins one dollar. find the expected value for a $10 bet. if 1000 people each make a $10 bet on blac

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Question 820924: A roulette wheel has 18 red, 18 black, and 2 green slots. one dollar bet on black wins one dollar. find the expected value for a $10 bet. if 1000 people each make a $10 bet on black, how much does the casino expect to make?
Answer by Edwin McCravy(20060)   (Show Source): You can put this solution on YOUR website!
A roulette wheel has 18 red, 18 black, and 2 green slots. one dollar bet on black wins one dollar. find the expected value for a $10 bet on black. 
18 successful slots out out of 38, a probability of winning is  = 

Expected value for the player = (Amount won)(Probability of winning) = $10 = $4.74

Therefore the expected value for the casino is $10.00-$4.74 = $5.26 

if 1000 people each make a $10 bet on black, how much does the casino expect to make?

$5.26×1000 = $5260

Edwin
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