Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Casinos advertise a 95% payback for their slot machines. This means that for a $1 stake, a gambler can expect to get 95 cents back.
Casinos advertise a 95% payback for their slot machines. This means that for a $1 stake, a gambler can expect to get 95 cents back.
a) What does 95% payback mean in terms of the expected value of a play on the slot machines? i.e. What is the expected value of a pull on the slots?
b) How does this compare to choosing black or 17 on roulette or playing Keno? Which is the best bet?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started