Mame Wa is the language of uncertainty. Understanding probability is what allows statisticians to predict the outcomes of phenomena, over the term." Discrete Data Probab 2. One of the casino goers stated that "Most of it's luck, but the skill is about 10%" What type of probability was he using? Distribution 3 Click to view hint 3. According to Steven Norton, Executive Vice President of Resorts International, the house edge in most casino games is In most Mean, Expected Valu games they have an advantage of less than Standard Deviation 4. That small advantage adds up when you consider the large number of people who visit the casinos each year. Additionally, casinos are counting on the "long game." When a player plays the first game, the chances of winning most games is about The longer a gambler plays, the Expected Value more likely it is for them to 5. Casinos count on the fact that over the very long term, they know with near certainty the average result of thousands and thousands of chance outcomes. Even though they do not know what will happen on any one particular roll of the dice. So even though you may occasionally win, the Is That Fair? true winner in the end is 6. Probabilities are always between The sum of the probabilities of all of the outcomes in a sample space is Comparing Discrete D 7. "A probability model (distribution) is made up of all of the possible outcomes, together with the associated with them." 10 8. "By tweaking the payout for each roll, the casino uses probability models to ensure that over the term, no one will beat the house." Lesson Conclusion 9. The rule says that the probability that an event does not occur is minus the probability that it does occur. 10. We can find the probability of one of two different mutually exclusive event occurring by the two probabilities. Finish attempt .. 11. Mutually exclusive means that