As shown in Figure 6.11, a roulette wheel has 38 numbers, with

As shown in Figure 6.11, a roulette wheel has 38 numbers, with 18 odd numbers (black) and 18 even numbers (red), as well as 0 and 00 (which are green). If you bet $5 that the outcome is an odd number, the probability of losing the $5 is 20/38 and the probability of winning $10 (for a net gain of only $5, given you already paid $5) is 18/38.

a. If you bet $5 that an outcome is an odd number, what is your expected value?
b. Which of these options is best: bet on odd or don’t bet? Why?

Figure 6.11

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As shown in Figure 6.11, a roulette wheel has 38 numbers, with

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