<PRE><B>Question 1135315</B>
wheel with spaces marked 0 through 36 and a space marked 00 means that there are 38 possible events
:
a) 1/38 = 0.0263 = 2.6%
:
b) 37 to 1 against winning
:
c) If your number 7 wins, you have a net gain of $19.  If your number 7 does not win, you lose the $1
:
expected value = 19(1/38) + (-1)(37/38) = -0.4736
:
The casino is making 47 cents profit on your $1 bet
:
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