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Posted on Oct 13, 2024

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?

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