Game of dice

Question

you're offered an opportunity to play a game where you roll 1 dice with the following results:

 

Roll            Result

1                 win        600

2                lose        300

3                 win        900

4                lose        1800

5                 win        3000

6                lose        1200

 

It costs $225 to play the game. Demonstrate why you should or shouldn't play the game.

Answer 1

Calculate Expected Value to determine the answer.

Answer 2

The probability of rolling a win and rolling a lose are the same, 0.5.

Yet the income from the wins is $200 more than the losses.

At $225 an entry, you should gamble elsewhere.