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A friend offers to play a game, in which you roll 3 standard 6-sided dice. If all the dice roll different values, you give him $1. If any two dice match values, you get $2. What is the expected value of this game? would you play? expected value also has applications outside of gambling. Expected value is very common in making insurance decisions. (type an integer or a decimal. If you bet $2 on a certain casino game, the expected value is – 3. Which bet is better in the sense of producing a higher expected value: a $2 bet on the state's lottery or a $2 bet on the casino game? explain. Neither bet is better because both games have the same expected value. Please note the expected value or house edge of casino games are the same thing. For example, if your ev calculation is -0. 05, your house edge will be 5%. Simply multiply the expected value by 100 to get the house edge. Or 100 – rtp = house edge. There are a total of two (2) events as possible: either the piece is on heads, or it is on tails. Probability of winning: 1/2 = 50%. Expected value: (2-1) * 1 / 2-1 * 1/2 = 0. This game is fair. The reasoning is the same for a die roll where a player will win 6 times his bet when he predicts the correct number. Ask a new question. Notice that no one ever loses exactly 5. 3 cents: most people (in fact, about 37 out of every 38) lose $1 and a very few people (about 1 person out of every 38) gain $35 (the $36 they win minus the $1 they spent to play the game). There is another way to compute expected value without imagining what would happen if we play every possible space. Positive expected value betting is a foundational method to sports betting, one that casual bettors, often referred to as “the public,” don’t use enough. A casual bettor is more like a roulette player hoping their color is called. A +ev bettor is a stockbroker looking to sell high and buy low To play at Caesar’s Palace, you’ll need to either sign in through Facebook or register an account with your email address, expected value casino games.
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