Question: Playing the numbers. The numbers racket is a well-entrenched illegal gambling operation in most large cities. One version works as follows. You choose one of

Playing the numbers. The numbers racket is a well-entrenched illegal gambling operation in most large cities. One version works as follows. You choose one of the 1000 three-digit numbers 000 to 999 and pay your local numbers runner a dollar to enter your bet. Each day, one three-digit number is chosen at random and pays off

$600. The mean payoff for the population of thousands of bets is μ = 60 cents. Joe makes one bet every day for many years. Explain what the law of large numbers says about Joe’s results as he keeps on betting.

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