Question
In a large casino, the house wins on its blackjack tables with a probability of 51.1%....
In a large casino, the house wins on its blackjack tables with a probability of 51.1%. All bets at blackjack are 1 to 1, which means that if you win, you gain the amount you bet, and if you lose, you lose the amount you bet.
a. If you bet $1 on each hand, what is the expected value to you of a single game? What is the house edge?
b. If you played 250 games of blackjack in an evening, betting $1 on each hand, how much should you expect to win or lose?
c. If you played 250 games of blackjack in an evening, betting $6 on each hand, how much should you expect to win or lose?
d. If patrons bet $2,000, 000 on blackjack in one evening, how much should the casino expect to earn?
Homework Answers
Answer #1
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