Question

In the game of roulette, a player can place a $4 bet on the number 22 and have a 1/38 probability of winning. If the metal ball lands on 22, the player gets to keep the $4 paid to play the game and the player is awarded $140. Otherwise, the player is awarded nothing and the casino takes the players $4. What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose? ...?

Answer 1

E= 140 (1/38) - 4 (37/38)
= -4/19
-0.21

0.21 x 1000 = $210