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May 24th, 2017, 01:48 PM   #1
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expected value

On September 26, 1980, the New York Times reported that a mysterious
stranger strode into a Las Vegas casino, placed a single bet of 777,000 dollars
on the “don’t pass” line at the crap table, and walked away with more than
1.5 million dollars. In the “don’t pass” bet, the bettor is essentially betting
with the house. An exception occurs if the roller rolls a 12 on the first roll.
In this case, the roller loses and the “don’t pass” better just gets back the
money bet instead of winning. Show that the “don’t pass” bettor has a more
favorable bet than the roller.
poopeyey2 is offline  
June 21st, 2017, 03:30 AM   #2
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For those of us unfamiliar with "craps", what does "betting with the house" mean?

And why did you title this "expected value" when you are actually asking for a probability? This problem has nothing to do with "expected value".
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June 22nd, 2017, 03:25 AM   #3
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A more favorable bet is one that has a higher expected return.
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