Averaged over all games and all bets placed, the house edge of a particular casino is $0.03 per dollar gambled. If a total of $106 million is wagered in the casino over the course of a year, what is the casino's expected total gain? Explain.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Averaged over all games and all bets placed, the house edge of a particular casino is $0.03 per dollar gambled. If a total of $106 million is wagered in the casino over the course of a year, what is the casino's expected total gain? Explain.
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