We discuss the concept of expected value and relate it to casino games. We conclude with a brief discussion of the gambler's ruin. Or suppose you were really rich, like Ivana Trump after the settlement. No matter how rich you might be, if you play the lottery long enough, you will eventually run out of money. Students leave with a much clearer understanding of their prospects.
Many people find a great deal of enjoyment in playing.
It is important, however, for players to have a realistic view of their chances of success. In particular, playing more often does not increase the likelihood of success, as I have defined it. Students become really engrossed in the game and surprise their teachers with their enthusiastic questions. Cheering, clapping and groaning frequently take place. The best moment is the moment when they discover that the amount they have won pales in comparison to the amount they have spent.