Playing Roulette We all dream of winning big, becoming an instant millionaire; but how likely is that? Let's say we decide to pursue our goal of winning big money by going to a casino and continually playing what we think will be an easy game: roulette. Can we expect to win big in the long run? Is one bet better thananother? How do the casinos make so much money anyway? If we are betting against the casino, how do they make sure that they always win? This activity will help you answer these questions. Let's begin with a lesson in roulette. Roulette is a casino game that involves spinning a ball on a wheel that is marked with numbered squares that are red, black, or green. Half of the numbers 1-36 are colored red and half are black and the numbers 0 and 00 are green. Each number occurs only once on the wheel. We can make many different types of bets, but two of the most common are to bet on a single number (1-36) or to bet on a color (either red or black). These will be the two bets we will consider in this project. After all players place their bets on the table, the wheel is spun and the ball tossed onto the wheel. The pocket in which the ball lands on the wheel determines the winning number and color. The ball can land on only one color and number at a time. We begin by placing a bet on a number between 1 and 36. This bet pays 36 to 1 in most casinos, which means we will be paid $36 for each $1 we bet on the winning number. If we lose, we simply lose whatever amount of money we bet. 1. Calculate the probability that we will win on a single spin of the wheel.
Playing Roulette We all dream of winning big, becoming an instant millionaire; but how likely is that? Let's say we decide to pursue our goal of winning big money by going to a casino and continually playing what we think will be an easy game: roulette. Can we expect to win big in the long run? Is one bet better thananother? How do the casinos make so much money anyway? If we are betting against the casino, how do they make sure that they always win? This activity will help you answer these questions. Let's begin with a lesson in roulette. Roulette is a casino game that involves spinning a ball on a wheel that is marked with numbered squares that are red, black, or green. Half of the numbers 1-36 are colored red and half are black and the numbers 0 and 00 are green. Each number occurs only once on the wheel. We can make many different types of bets, but two of the most common are to bet on a single number (1-36) or to bet on a color (either red or black). These will be the two bets we will consider in this project. After all players place their bets on the table, the wheel is spun and the ball tossed onto the wheel. The pocket in which the ball lands on the wheel determines the winning number and color. The ball can land on only one color and number at a time. We begin by placing a bet on a number between 1 and 36. This bet pays 36 to 1 in most casinos, which means we will be paid $36 for each $1 we bet on the winning number. If we lose, we simply lose whatever amount of money we bet. 1. Calculate the probability that we will win on a single spin of the wheel.
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...
Related questions
Question
Transcribed Image Text:10:28 PM Mon Mar 20
X
no
00
00
7.5+Roulette+Expected+Value+Activity
7.2+Password... X 7.3+Birthday+... X
Name:
sampex03
* P
YO
X unit3_outlines
BIZZ
Date:
419%
X 7.5+Roulet...
Expected Value Activity: Playing Roulette
Playing Roulette
We all dream of winning big, becoming an instant millionaire; but how likely is that? Let's say we decide to pursue
our goal of winning big money by going to a casino and continually playing what we think will be an easy game:
roulette. Can we expect to win big in the long run? Is one bet better than another? How do the casinos make so much
money anyway? If we are betting against the casino, how do they make sure that they always win? This activity will
help you answer these questions.
Let's begin with a lesson in roulette. Roulette is a casino game that involves spinning a ball on a wheel that is
marked with numbered squares that are red, black, or green. Half of the numbers 1-36 are colored red and half are
black and the numbers 0 and 00 are green. Each number occurs only once on the wheel.
We can make many different types of bets, but two of the most common are to bet on a single number (1-36) or to bet
on a color (either red or black). These will be the two bets we will consider in this project. After all players place
their bets on the table, the wheel is spun and the ball tossed onto the wheel. The pocket in which the ball lands on
the wheel determines the winning number and color. The ball can land on only one color and number at a time.
We begin by placing a bet on a number between 1 and 36. This bet pays 36 to 1 in most casinos, which means we
will be paid $36 for each $1 we bet on the winning number. If we lose, we simply lose whatever amount of money
we bet.
1. Calculate the probability that we will win on a single spin of the wheel.
1
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON