Betting 20 dollars on a number across three dice
Question
In a casino game you stake money on one number from to , and then three fair dice are thrown. If your number shows on exactly one, two or three of the dice, you get your stake back plus one, two or three times the stake respectively; if it shows on none of the dice, the stake is lost. With a stake of $20, what is your expected profit from one play?
Short answer
dollars, about . The number of matches is , with probabilities for matches. The expected profit per unit stake is , and multiplying by gives .
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Open the worked solutionLessons behind this question
- Counting and Combinatorics
- Expectation, Mean, and Variance
- Conditional Expectation and Variance Revisited
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