7 Given the following board on a roulette table, where “Even”, “Corner”, “Split” and "Straight up" mean that the player

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7 Given The Following Board On A Roulette Table Where Even Corner Split And Straight Up Mean That The Player 1 (85.39 KiB) Viewed 18 times

7 Given the following board on a roulette table, where “Even”, “Corner”, “Split” and "Straight up" mean that the player can bet on 18, 4, 2, and 1 number(s) out of 37 numbers, respectively. "Odd” represents house odds offered to the player if his/her bet is successful, and "Max” represents the maximum bet the player is allowed to bet on a single spin of the roulette table. Max Bet Odd Even 1 to 1 Corner 8 to 1 Split 17 to 1 Straight Up 35 to 1 $15000 $6000 $3000 $1500 Answer the following questions (a) Show that the above four options (“Even”, “Corner", "Split" and "Straight up") have the same house advantage. (5 marks] (b) The standard deviation of a bet is also important for both the casino and gambler. It represents the degree of risk they encounter. The formula of standard deviation is given below, 37 standard deviation = ( ) (5)* (2-1) 36 37 m where m is the number of numbers someone bets on. Calculate the standard deviations of the bets "even”, "corner", "split" and "straight up". Comments on 7