a. The probability of a 7 in roulette is 1/38. Find the actual odds against 7. b.

Question:

a. The probability of a 7 in roulette is 1/38. Find the actual odds against 7.
b. If you bet $2 on the number 7 in roulette and you win, the casino gives you $72, which includes the $2 bet. First identify the net profit, then find the payoff odds.
c. How do you explain the discrepancy between the odds in parts (a) and (b)?