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May 24th, 2017, 01:48 PM  #1 
Member Joined: Apr 2017 From: PA Posts: 43 Thanks: 0  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. 
June 21st, 2017, 03:30 AM  #2 
Math Team Joined: Jan 2015 From: Alabama Posts: 2,653 Thanks: 681 
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". 
June 22nd, 2017, 03:25 AM  #3 
Global Moderator Joined: Dec 2006 Posts: 17,919 Thanks: 1386 
A more favorable bet is one that has a higher expected return.


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