SOLUTION: In a Nevada casino, when you place a $1 bet on the "pass line", in the game of craps, there is a 244/495 probability that you will win $1 and the complementary probability that you

Algebra ->  Probability-and-statistics -> SOLUTION: In a Nevada casino, when you place a $1 bet on the "pass line", in the game of craps, there is a 244/495 probability that you will win $1 and the complementary probability that you      Log On


   

Question 526055: In a Nevada casino, when you place a $1 bet on the "pass line", in the game of craps, there is a 244/495 probability that you will win $1 and the complementary probability that you will lose $1. What is your expected value; i.e., in the long run, how much do you lose for each dollar bet?
Answer by edjones(8007) About Me  (Show Source):
You can put this solution on YOUR website!
495-244=251 losses
251-244=-$7.
7/495=-$0.014 your expected value.
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Ed