The connotation 'expected value' or 'expected gain' from playing roulette at a casino means
A) the amount you expect to 'gain' in the long run over many plays.
B) the amount you should expect to gain if you are lucky.
C) the amount you expect to 'gain' on a single play.
D) the amount you need to 'break even' over many plays.

Question

Quizplus · Accepted Answer

Expected value or expected gain refers to the average amount a player can expect to win or lose over many plays, taking into account the probability and payout of each possible outcome. It is a statistical concept that helps players understand the long-term profitability of a game or bet. Choice B is not accurate since luck is not a reliable factor in determining expected value. Choice C is also incorrect as the expected gain on a single play can vary widely and may not reflect the long-term profitability of the game. Choice D is partially correct but does not fully capture the essence of expected value, as it only refers to breaking even and does not consider potential profits or losses in the long run.

The Connotation 'Expected Value' or 'Expected Gain' from Playing Roulette