The expectation for playing Keno by picking two numbers and paying $3 to play is: a loss of $0.88
How to find the expected value?
To calculate the expectation for playing Keno by picking two numbers and paying $3 to play, with a payoff of $36, we can use the following formula:
Expectation = Payoff × Probability of Winning − Cost to Play
The probability of winning in Keno depends on the specific game and the number of spots and catches. However, the general odds of matching two numbers in Keno are 1 in 17.
Since the payoff for picking two numbers is $36, the expectation can be calculated as follows:
Expectation = 36 * (1/17) - 3 = -$0.88
Thus, the expectation for playing Keno by picking two numbers and paying $3 to play is a loss of $0.88. This means that, on average, for every $3 played, the player can expect to lose $0.88.