Question 249423: If casino Keno were fair, how much should it pay to a player who bets $10 to bet 6 numbers and matches 5 numbers? The odds against matching 5 numbers when you bet 6 numbers in casino Keno are about 322 to 1.
(Points :3)
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! If casino Keno were fair, how much should it pay to a player who bets $10 to bet 6 numbers and matches 5 numbers?
The odds against matching 5 numbers when you bet 6 numbers in casino Keno are about 322 to 1.
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P(for) = 1/323
P(against) = 322/323
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Random Number values: -10, x-10
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For a fair game, expected value is zero.
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Let "x" be the payoff.
-10(322/323) + (x-10)(1/323) = 0
Multiply thru by 323 to get:
-3230 + x-10 = 0
x = $3240
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Cheers,
Stan H.
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