Numbers Roulette Wheel
finite math help dealing with roulette?
On a roulette wheel there are 38 equally likely outcomes for a $1 bet. If the outcome is “0″, the net payoff is $10. If the outcome is “00″, the net payoff is $20. If the outcome is any of the numbers from 1 through 36, however, the gambler loses his or her dollar. What is the expected value of this game?
In 38 bets, you expect to win $10 and $20. A total of $30 in 38 bets.
So your expected value is a return of $30/38 = $(15/19) less the dollar you put in. I.E. $((15/19)-1) each bet.
That’s approx $ -0.211 per bet.
This makes roulette a terrible game to play.
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