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The expected value for the casino therefore (in the case with only one green zero) is n – (35/37)n which comes to (2/37)n. The ‘expected value’ of a bet is calculated by multiplying the odds of success by the amount that is stood to be won and subtracting that from the buy in—the average amount that the casino can expect to make on every bet. This is a delicate balancing act and casinos use something called the ‘expected value’ of a bet to make sure they win. However, unique to casinos, their customers are also looking to make money, but at their direct expense. Shivering times for anatypic experience of the night world by Lake Annecy! After abeautiful day or a gourmet stroll in one of our restaurants, come and play inour gaming world!
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These are better odds for the gambler; they are expected to lose half as much on average, but it is still a loss, which makes the casino happy. Since zero is excluded from each of these, there is a 18/37 chance of the gambler winning each bet, with a reward of double the initial bet, leading to an expected value of n – (36/37)n or (1/37)n for the casino. So, for every £37 that a gambler puts in, they will expect to get £35 back, netting a £2 profit for the casino.
