a) The actual odds against winning is computed here as:
= Number of places with no 1 on them / Number of 1s on them
therefore 9:1 are the required odds here.
b) The odds in favor of winning is the reciprocal of odds against winning that is 1:9
Therefore 1:9 are the required odds here.
c) Payoff odds of 9:1 would balance and would not favour anyone, but a payoff odds of less than 9:1 would favour the casino while a greater than 9:1 would favor the player here.
d) Given payoff odds as 5:1, the expected payoff for a $6 bet is computed here as:
= 5*(1/10)*6 - 6*(9/10)
= 3 - 5.4 = $2.4
Therefore $2.4 is the expected payoff here for the player.
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