In a large casino, the house wins on its blackjack tables with a probability of 50.3%. All
Question:
In a large casino, the house wins on its blackjack tables with a probability of
50.3%.
All bets at blackjack are 1 to 1, which means that if you win, you gain the amount you bet, and if you lose, you lose the amount you bet.
a.
If you bet $1 on each hand, what is the expected value to you of a single game? What is the house edge?
b. If you played
400 games of blackjack in an evening, betting $1 on each hand, how much should you expect to win or lose?
c. If you played
400 games of blackjack in an evening, betting
$10 on each hand, how much should you expect to win or lose?
d. If patrons bet $1000000
on blackjack in one evening, how much should the casino expect to earn?
Quantitative Analysis for Management
ISBN: 978-0133507331
12th edition
Authors: Barry Render, Ralph M. Stair, Michael E. Hanna, Trevor S. Ha