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What is the expected value of betting strategy

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Reference no: EM131921913

You decide that you will spend an entire day playing roulette and just betting on the "double street" which is a bet on two side-by-side rows of 3 values on the roulette table. You win the bet if any of your 6 numbers come up, but you lose otherwise. This type of bet has a 5:1 payoff. You decide that you will be making $5 bets.

What is the expected value of this betting strategy?

If you end up making a total of 200 bets of this type, how much money would you expect yourself to have won or lost at the end of the day?

Reference no: EM131921913

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