Chapter Five
Therefore, the expected net payoff for a $1 bet on the $1 outcome is 1 x .44 – 1 x .56 = $.12 = 12¢. Thus, the gambler has an average net loss of 12¢ per $1 bet on the $1 outcome. When the gambler bets $1 and loses, his loss is $1 regardless of the outcome bet on. ................
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