Expected value uses probabilities to determine what an expected outcome,
such as a payoff, will be. Expected value multiplies the probability of
each outcome by the possible outcome. For example, in a dice game,
rolling a one, three or five pays $0, rolling a two or four pays $5, and
rolling a six pays $10. In dice, the probability of rolling a one
through six is 1/6 each.
Now go grab your calc. pen and paper.
Write out the probabilities and outcomes into a chart. Use the left column for probabilities, the center column for outcome and the right column for probability times outcome. This provides a visual representation of the math.
Add all the numbers calculated in Step 2 to determine an expected value. In the example, 0 + 0 + 0 + 0.833 + 0.833 + 1.666 equals an expected value, or expected payoff, of $3.33.
BOOMExpected value uses probabilities to determine what an expected outcome,
such as a payoff, will be. Expected value multiplies the probability of
each outcome by the possible outcome. For example, in a dice game,
rolling a one, three or five pays $0, rolling a two or four pays $5, and
rolling a six pays $10. In dice, the probability of rolling a one
through six is 1/6 each.
Now go grab your calc. pen and paper.
Write out the probabilities and outcomes into a chart. Use the left column for probabilities, the center column for outcome and the right column for probability times outcome. This provides a visual representation of the math.
Add all the numbers calculated in Step 2 to determine an expected value. In the example, 0 + 0 + 0 + 0.833 + 0.833 + 1.666 equals an expected value, or expected payoff, of $3.33.
BOOMDidn't ask about that one---people keep wanting it to be a pro sport very badly though...
Didn't ask about that one---people keep wanting it to be a pro sport very badly though...
You are right---but he cleared it up in next post with:
Most Europeans do not consider NCAA pro sports like we do.
You are right---but he cleared it up in next post with:
Most Europeans do not consider NCAA pro sports like we do.
You are right---but he cleared it up in next post with:
Most Europeans do not consider NCAA pro sports like we do.
You are right---but he cleared it up in next post with:
Most Europeans do not consider NCAA pro sports like we do.
You are right---but he cleared it up in next post with:
Most Europeans do not consider NCAA pro sports like we do.
You are right---but he cleared it up in next post with:
Most Europeans do not consider NCAA pro sports like we do.
If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so. It is your sole responsibility to understand your local laws and observe them strictly. Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality. Covers disclaims all liability associated with your use of this website and use of any information contained on it. As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.