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An online gambling site offers a first prize of $55,000 and two second prizes of $10,000 each for registered users when they place a bet. A random bet will be selected over a 24-hour period. One million bets are received in the contest. Find the expected winnings if you can place one registered bet of $1 in the given period. Let x be the amount of the net winnings. What are the possible values of x? 54999,9999, - 1 (Use a comma to separate answers as needed. Do not use commas in the individual values. Do not include the $ symbol in your answer.) The expected payback for a person who places one registered bet is $ - 0.93. (Round to two decimal places as needed.)

An online gambling site offers a first prize of $55,000 and two second prizes of $10,000 each for registered users when they place a bet. A random bet will be selected over a 24-hour period. One million bets are received in the contest. Find the expected winnings if you can place one registered bet of $1 in the given period. Let x be the amount of the net winnings. What are the possible values of x? 54999,9999, - 1 (Use a comma to separate answers as needed. Do not use commas in the individual values. Do not include the $ symbol in your answer.) The expected payback for a person who places one registered bet is $ - 0.93. (Round to two decimal places as needed.)

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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### Online Gambling Site Prize Analysis An online gambling site offers a first prize of $55,000 and two second prizes of $10,000 each for registered users when they place a bet. A random bet will be selected over a 24-hour period. One million bets are received in the contest. Find the expected winnings if you can place one registered bet of $1 in the given period. Let \( x \) be the amount of the net winnings. What are the possible values of \( x \)? Possible values of \( x \): - \( 54999 \) - \( 9999 \) - \( -1 \) *(Use a comma to separate answers as needed. Do not use commas in the individual values. Do not include the $ symbol in your answer.)* The expected payback for a person who places one registered bet is \( \$ -0.93 \). *(Round to two decimal places as needed.)* --- #### Explanation: - The value \( 54999 \) corresponds to winning the first prize ($55,000) after subtracting the $1 bet. - The value \( 9999 \) corresponds to winning one of the second prizes ($10,000) after subtracting the $1 bet. - The value \( -1 \) corresponds to not winning any prize and losing the $1 bet. By calculating the expected value, we determine the average outcome per bet, which in this case, results in a negative expected payback of \( \$ -0.93 \), indicating a loss on average per bet placed in the long run.
Transcribed Image Text:### Online Gambling Site Prize Analysis An online gambling site offers a first prize of $55,000 and two second prizes of $10,000 each for registered users when they place a bet. A random bet will be selected over a 24-hour period. One million bets are received in the contest. Find the expected winnings if you can place one registered bet of $1 in the given period. Let \( x \) be the amount of the net winnings. What are the possible values of \( x \)? Possible values of \( x \): - \( 54999 \) - \( 9999 \) - \( -1 \) *(Use a comma to separate answers as needed. Do not use commas in the individual values. Do not include the $ symbol in your answer.)* The expected payback for a person who places one registered bet is \( \$ -0.93 \). *(Round to two decimal places as needed.)* --- #### Explanation: - The value \( 54999 \) corresponds to winning the first prize ($55,000) after subtracting the $1 bet. - The value \( 9999 \) corresponds to winning one of the second prizes ($10,000) after subtracting the $1 bet. - The value \( -1 \) corresponds to not winning any prize and losing the $1 bet. By calculating the expected value, we determine the average outcome per bet, which in this case, results in a negative expected payback of \( \$ -0.93 \), indicating a loss on average per bet placed in the long run.
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