In the game of roulette, a player can place a $7 bet on
the number 8 and have a 1/38 probability of winning. If the metal
ball lands on 8, the player gets to keep the $7 paid to play the
game and the player is awarded an additional $245. Otherwise, the
player is awarded nothing and the casino takes the player's
$7. 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?
Expected value:
