Odds and Probability
House edge as a long-run price, not a forecast
House edge is the long-run loss as a share of money wagered. A checked roulette example shows the price, not a forecast.
Tag
expected value
2 posts tagged "expected value".
Odds and Probability
Expected value in plain English
Expected value tells you what a choice is worth on average. See how to calculate it with simple dice, lottery and roulette examples.