I need help with this if anyone can help.

Question

Suppose you bet $1 on red at the roulette wheel. There are 18 red numbers and 20 nonred numbers (including the green 0 and 00). You win $1 if a red number comes up, and you lose $1 if any other number comes up. What is your expected value for this wager? (Round your answer to one decimal place.

Answer 1

The odds of red is 18/38 so if you did this 38 times you would win 18 times which would put you up $18 and lose 20 times which would put you down $20 for a net loss of $2 for every 38 spins for an average loss of 2/38=.0563 or 5.63 cents per bet so the expected value is 1.00- .0563= 94.7 cents