Expected Value of a Bet: How to Use Math to See If a Gambling Is Profitable or Not
TL;DR: Expected value (EV) tells you the long-run average outcome of a bet — weighted by probability. To decide if a wager is worth it: multiply each outcome by its probability, sum the products, and compare to the cost of the bet. Positive EV means the bet favors you over many trials; negative EV means […]