Lotteries: Finding Expected Values of Games of Chance

expected value of lottery ticket
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When we lose, we lose the cost of the lottery ticket The expected value is the sum of the product of each possibility x with its

So, if you spend each week on lottery tickets, the amount of money you can expect to win or lose over a 10-week period is the expected value for

expected value poker For any given decision you might make , you multiply the value and probability of each possible outcome, then add across all

kr651 lottery result We can find the expected payoff of a certain lottery ticket by taking