Question: Craps In the game of craps you may bet 1
Craps: In the game of craps, you may bet $1 that the next roll of the dice will be an 11. If the dice come up 11, your profit is $15. If the dice don't come up 11, you lose $1. The probability that the dice come up 11 is 1/18. What is the expected value of your profit? Is it an expected gain or an expected loss?
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