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In American Roulette, a bettor may place a $1 bet on any of the 38 numbers on the roulette wheel.  He wins $35 (plus the return of his bet) if the ball lands on his number, otherwise he loses the bet.  Write down the probability distribution for the earnings from this type of bet and find the expected value.

Question

In American Roulette, a bettor may place a $1 bet on any of the 38 numbers on the roulette wheel.  He wins $35 (plus the return of his bet) if the ball lands on his number, otherwise he loses the bet.  Write down the probability distribution for the earnings from this type of bet and find the expected value.

check_circleAnswer
Step 1

We have given,

Total number on the roulette wheel = 38

Probability of getting a number (winning bet) = 1/38 =P1

Probability of not getting the desired number = 37/38 = P2

Winning price of bet = $35 = x1

Loosing price of bet = - $1 = x2

Step 2

We need to find expected value of earn...

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