# Expected Net Winning

1. Apr 9, 2007

### sdlisa

1. The problem statement, all variables and given/known data
1,000 raffle tickets are being sold for $100 each. The winning prize is worth$75,000. Find the expected net winnign for the winner if he/she buys one ticket.

2. Relevant equations

3. The attempt at a solution

I'm not exactly sure what the "expected" net winnings mean. I've been searching on the internet, but came up empty.

2. Apr 9, 2007

3. Apr 9, 2007

### sdlisa

So I'm thinking this is the equation:
(-$100 * 999/1000) + ($75,000 * 1/1000)

I'm not sure if this is correct.

4. Apr 9, 2007

### jing

This gives that a player on average will lose $24.90 on a$100 dollar bet.