Probability of winning


In the game of craps (dice table) the simplest bet is the pass line. The probability of winning such a bet is .493 and the payoff is even money, i.e., if you win you receive $1 more for each dollar that you bet. A gambler makes a series of 100 $10 bets on the pass line. What is his expected gain or loss at the end of this sequence of bets? (using binomial distribution)

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Basic Statistics: Probability of winning
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