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One of the wagers in the game of roulette is to place a bet that the...

One of the wagers in the game of roulette is to place a bet that the ball will land on a red number. (Eighteen of the numbers are black, 18 are red, and two are green.) If the ball lands on a red number, the player wins the amount of his bet. If a player bets $5, find the player's expectation. (Round your answer to two decimal places.)

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Answer #1

P(Red) = 18/38

P(not red) = 20/38

Expected outcome = Sum of {Outcome x P(outcome)}

= (5x18/38 - 5x20/38)

= $ -0.26

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