Question

averaged over all games and all bets placed, the house edge of a particular casino is \\$0.012 per dollar gambled. if a total of \\$103 million is wagered in the casino over the course of a year, what is the casinos expected total gain? explain.

the casino can expect to gain \\$0.012 for each dollar wagered, so the total gain is the product of dropdown and the dropdown. the casinos expected gain for the year is \\$box.
(simplify your answer.)

Explanation:

Identify the given values and target

The house edge is given as \( \$0.012 \) per dollar gambled.
The total amount wagered over the year is \( \$103\text{ million} = \$103,000,000 \).
We need to fill in the blanks to explain how to find the expected total gain and calculate its value.

Determine the relationship

The expected total gain is the product of the house edge (gain per dollar wagered) and the total amount wagered.
Therefore, the first dropdown blank is "the house edge" and the second blank is "the total amount wagered".

Calculate the expected total gain

$$ \text{Expected Gain} = 0.012 \times 103,000,000 = 1,236,000 $$

Answer:

Averaged over all games and all bets placed, the house edge of a particular casino is $0.012 per dollar gambled. If a total of $103 million is wagered in the casino over the course of a year, what is the casino's expected total gain? Explain.

The casino can expect to gain <blank>$0.012 for each dollar wagered, so the total gain is the product of the house edge and the total amount wagered. The casino's expected gain for the year is $<blank>1,236,000</blank>.