Choose the better bet

What you'll learn

• Calculate expected values for various probability scenarios involving discrete random variables and compare them to determine the optimal choice in a betting situation with at least three options, achieving 80% accuracy on a summative assessment.
• Analyze the fairness of a game of chance by calculating expected value and interpreting the result in terms of potential gains or losses for each participant, justifying their reasoning with mathematical evidence in a written explanation graded with a rubric.
• Apply probability rules, including conditional probability and independent events, to model real-world betting scenarios and predict the likelihood of specific outcomes with at least 75% success on problem-solving tasks.
• Evaluate the risks and rewards associated with different betting strategies by considering factors such as probabilities, payoffs, and expected values, defending their choice of strategy with a logical argument in a class discussion.