Question: Consider a game in a gambling casino that pays off with probability 0.40. Yesterday 42,652 people played, and 17,122 won.
a. Find the relative frequency of winning, and compare it to the probability.
b. As the owner of a casino where many people play this game, how does the law of large numbers help you eliminate much of the uncertainty of gambling?
c. As an individual who plays once or twice, does the law of large numbers help you limit the uncertainty? Why or why not?