Solution-Expected value of a pull on the slots

Expected value of a pull on the slots

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Reference no: EM131099547

Casinos advertise a 95% payback for their slot machines. This means that for a $1 stake, a gambler can expect to get 95 cents back.

a) What does 95% payback mean in terms of the expected value of a play on the slot machines? i.e. What is the expected value of a pull on the slots?

b) How does this compare to choosing 'black' or '17' on roulette or playing Keno? Which is the best bet?

Reference no: EM131099547

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Expected value of a pull on the slots

Reference no: EM131099547

Reference no: EM131099547

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