You bought one $2 chance on an $84 radio. Sixty chances were sold. Was buying a chance a "good deal"?

Answer 1

Prob of win = 1/60
expectation = (1/60)(84) = $1.40

So you paid $2.00 expecting a $1.40 return,
what do you think?

In "the long run", hardly any kind of gambling is a good deal