- A blackjack player at a Las Vegas casino learned that the house will provide a free room if play is for four hours at an average bet of $50. The player’s strategy provides a probability of .49 of winning on any one hand, and the player knows that there are 60 hands per hour. Suppose the player plays for four hours at a bet of 50 per hand.
a. What is the player’s expected payoff?
b. What is the probability the player loses $1000 or more?
c. What is the probability the player wins?
d. Suppose the player starts with $1500. What is the probability of going broke?