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

Explanation:

Identify the gain per dollar wagered

Using the Expected Value knowledge point

$$ \text{Gain per dollar} = \$0.012 $$

Define the total gain formula

Using the Expected Value knowledge point

$$ \text{Total Gain} = \text{product} \text{ of } \text{the gain per dollar} \text{ and } \text{the total amount wagered} $$

Calculate the expected annual gain

Using the Expected Value knowledge point

$$
LATEXBLOCK0
$$

Answer:

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