In the game of Craps, you roll two dice. When you bet on a “snake eyes”,...

In the game of Craps, you roll two dice. When you bet on a “snake eyes”, meaning a 1 on both dice, you win $30 for each $1 you bet. Otherwise, you lose your dollar.

What is the probability of winning this bet?
What is the expected value of making this bet?
If you play this game 100 times, how much would you expect to lose?

Expert Solution

orchestra answered 2 years ago

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In the game of Craps, you roll two dice. When you bet on a “snake eyes”,...

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