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What should casino charge to avoid any losses and making long term profit?

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A casino wants to launch a new game, In the game a player is asked to roll two dices and he gets away with the money equal to the sum of the dices outcome.

Player needs to buy the chance every time he plays, What should casino should charge so that it can make long term profit and can avoid losses.

posted May 29, 2014 by anonymous

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1 Solution

+1 vote

The statistical average result is a 7. If you charge $7 you will break even in the long run. If you charge $8 nobody will play because it's obvious that they lose money. So the casino instead charges $6 then rigs the dice so that you can't get more than a 3 on either one. This is how they maximize the profit. Casinos are filthy cheaters.

solution Jun 2, 2014 by anonymous



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