Question

a modified roulette wheel has 28 slots. one slot is 0,another is00, and the others are...

a modified roulette wheel has 28 slots. one slot is 0,another is00, and the others are numbered 1 through 26. you are placing a bet that the outcome is an odd number. (in roulette, 0 and 00 are neither odd nor even) a. what is your probability of winning? b. what are the actual odds against winning? c. when you bet that the outcome is an odd number, the payoff odds are 1:1. how much profit do you make if you bet $10 and win? d. how much profit should you make on the $10 bet if you could somehow convince the casino to change its paoff odds so that they are the same as the actual odds against winning?

Homework Answers

Answer #1

a.

There are total 28 slots and 13 odd slots.

probability of winning = 13/28

b.

The actual odds against winning is number of slots for lose to number of slots for win

which is 15 to 13

= 15:13

c.

The payoff odds are 1:1, so you will get $10 on winning or lose $10.

Expected profit = 10 * (13/28) - 10 * (15/28) = -$0.71

d.

payoff odds = 15:13

For $10 bet you will win (15/28) * 10

and lose (13/28) * 10

Expected profit = (15/28) * 10  * (13/28) - (13/28) * 10 * (15/28) = $0

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A roulette wheel has 38 slots, numbered 1-36, 0 and 00. This means there are 18...
A roulette wheel has 38 slots, numbered 1-36, 0 and 00. This means there are 18 even numbered slots, 18 odd numbered slots and two slots that are neither even nor odd. A ball is released into the wheel as it spins and is equally likely to land in any one of the slots. Find the amount each of the following gamblers is expected to win as well as the standard deviation. (a) A gambler places a $100 bet on...
8. (3 pts) In the game of roulette, a wheel consists of 38 slots, numbered 0,...
8. (3 pts) In the game of roulette, a wheel consists of 38 slots, numbered 0, 00, 1, 2, … , 36. To play the game, a metal ball is spun around the wheel and is allowed to fall into one of the numbered slots. The slots numbered 0 and 00 are green, the odd numbers are red and the even numbers are black. Determine the probability that the metal ball falls into a red slot or a slot with...
In the game of​ roulette, a wheel consists of 38 slots numbered​ 0, 00,​ 1, 2,...,...
In the game of​ roulette, a wheel consists of 38 slots numbered​ 0, 00,​ 1, 2,..., 36. To play the​ game, a metal ball is spun around the wheel and is allowed to fall into one of the numbered slots. If the number of the slot the ball falls into matches the number you​ selected, you win​ $35; otherwise you lose​ $1. Complete parts ​(a) through ​(g) below. (c) Suppose that you play the game 100 times so that n=...
At a dishonest backroom gambling establishment, they have a spinning wheel. The wheel has the numbers...
At a dishonest backroom gambling establishment, they have a spinning wheel. The wheel has the numbers 1 through 4. The wheel has 20 number places that are equally likely to be landed on by the spinner. However, there are an unequal number of numbers on the wheel. For example, there are only two 1’s on the wheel. For this problem assume you bet on the spinner landing on 1. a. What are the actual odds against winning on 1? b....
In the the casino game of roulette, players make bets based on a wheel with 38...
In the the casino game of roulette, players make bets based on a wheel with 38 numbered pockets (18 red pockets, 18 black pockets, and two green pockets, labeled 0 and 00). The wheel is then spun one direction and the ball is spun in the opposite direction. Eventually, the ball will land in one of the numbered pockets. The wheel is designed so that the ball has an equal chance of landing in any one of the pockets. Suppose...
A roulette wheel has 38 numbers. Eighteen of the numbers are black, eighteen are red, and...
A roulette wheel has 38 numbers. Eighteen of the numbers are black, eighteen are red, and two are green. When the wheel is spun, the ball is equally likely to land on any of the 38 numbers. Each spin of the wheel is independent of all other spins of the wheel. One roulette bet is a bet on black—that the ball will stop on one of the black numbers. The payoff for winning a bet on black is $2 for...
You make a $20 bet with your friend. You both settle-up after the event if over....
You make a $20 bet with your friend. You both settle-up after the event if over. Thus, no money changes hands initially. You bet on a football team to win that pays 4:5 if it wins. 1 How much will you collect from the bookie if your team wins? 2. When you claim your money from the friend, is the money received profit or a return? Explain. 3. Was the bet odds on, odds against, or even money? Explain. 4....