Question

You play a gambling game with your friend in which you win 30% of the time and lose 70% of the time. When you lose, you lose $1. What profit should you earn when you win in order for the game to be fair?

Answer 1

Let's scale the times you gamble to 100. You lost 70 dollars, so how many dollars would you have to be given each time you win, which is 30 percent of the time?

Answer 2

Basically, just divide 70 by 30.

Answer 3

2.33

Answer 4

oh.. it's just that simple? i figured there would be a lot more to it! making it out to be harder than it was, lol thanks!