Winning at KENO: Calculating the Expected Value (E(n))

In summary, the conversation discusses the game of Keno and the formula for calculating the expected value of winnings based on the number of matches. The author also mentions that the given data may not be sufficient and clarifies that "E(40)" refers to the expected value of winnings for a 40-choice version of the game. The question about "E(20)" is likely related to a basic version of Keno.
  • #1
sam_0017
22
0
game of KENO ?

can anyone help whit this question ?

[PLAIN]http://up.arab-x.com/Oct11/doY59204.png


E(n) = Ʃ p(n) × a(n)
" represent the probability you get i matches as P(i), the amount you win for i
matches as A(i) and the expected value for n numbers picked as E(n)."
 
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  • #2


sam_0017 said:
can anyone help whit this question ?

E(n) = Ʃ p(n) × a(n)
" represent the probability you get i matches as P(i), the amount you win for i
matches as A(i) and the expected value for n numbers picked as E(n)."

E(40)? what's a(20) , a(21), etc. ? also i think the question is not complete , given data is not sufficient (for eg. with what (and how many ) numbers the chosen numbers are matched )
 
Last edited:
  • #3


I'm assuming for the moment that you know how to calculate the probabilities for the numbers of matches. I suspect what the author is calling "E(40)" is the expected value of your winnings for this 40-choice version of the game, not the probability of up to 40 matches (which happens only a little sooner than the heat-death of the Universe... ;) ). Is it the case that the other problem (which I'm guessing is related to basic Keno) asks for "E(20)" ?
 

1. How do you calculate the expected value (E(n)) for KENO?

The expected value for KENO can be calculated by multiplying the number of matches you expect to make by the payout for each match, and then subtracting the cost of the ticket. This results in the expected profit or loss for each game played.

2. What factors affect the expected value in KENO?

The main factor that affects the expected value in KENO is the payout structure. The higher the payouts for matching more numbers, the higher the expected value will be. Additionally, the number of numbers selected and the number of spots played also impact the expected value.

3. How does the expected value help in winning at KENO?

The expected value helps in winning at KENO by providing a way to compare the potential profits and losses for different number selections and payout structures. By choosing number selections and payouts that result in a higher expected value, players can increase their chances of winning.

4. Is it possible to have a positive expected value in KENO?

Yes, it is possible to have a positive expected value in KENO. This occurs when the potential payouts for matching numbers exceed the cost of the ticket, resulting in a potential profit for the player. However, it is important to note that the expected value is still an average and individual results may vary.

5. Can the expected value be used to guarantee a win in KENO?

No, the expected value cannot guarantee a win in KENO. It is simply a mathematical calculation that represents the average profit or loss for a specific number selection and payout structure. The outcome of each game is still determined by chance and there is no way to guarantee a win in KENO.

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