Question 313184: A casino card game takes $10 bets. Players have a 33% chance of winning $20, and they have a 67% chance of losing their bets. What is the house edge?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A casino card game takes $10 bets.
Players have a 33% chance of winning $20, and they have a 67% chance of losing their bets.
What is the house edge?
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House random number gains: 10, -10
Corresponding Probabilities: 0.67 , 0.33
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E(gain for the house) = 0.67*10 + 0.33*-10
= 6.7 -3.3
= $3.40
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Cheers,
Stan H.
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