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Please explain Craps: In the game of craps, a pair of dice are rolled, and people bet on the outcome. For example, you can bet

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Craps: In the game of craps, a pair of dice are rolled, and people bet on the outcome. For example, you can bet $1 that the sum of the dice will be 2 (also called "Snake Eyes"). The probability that you win is 36 , and if you win, your profit is $30. If you lose, you lose $1. Part: 0 / 2 Part 1 of 2 (a) What is the expected value of your profit? Round the answer to two decimal places. The expected value of profit is dollars.(b) Is it an expected gain or an expected loss? Round the answer to two decimal places

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