In the game of roulette, a player can place a $10 bet on
the number 27 and have a 1/38 probability of winning. If the metal
ball lands on 27, the player gets to keep the $10 paid to play the
game and the player is awarded an additional $350. Otherwise, the
player is awarded nothing and the casino takes the player's
$10. What is the expected value of the game to the player?
If you played the game 1000 times, how much would you expect
to lose? Note that the expected value is the amount,
on average, one would expect to gain or lose each game.
