This is not statistics.
Expected profit= winvalue*probability - cost*probability.
There is one chance in 999 of winning. There are 998 chances of losing. Correct?
expected profit=750*1/999 - 1*998/999
It reminds me of the lotto, with over 1/2 the money being raked off for political uses, it is hard to justify gambling except to "help education", as the expected value of playing is greatly negative.
The local lottery sets up a game wherein a player has a chance of collecting $750.
The player must choose a 3-digit number and if it matches, the player receives $750
It costs $1 to play the game.
What is the expected profit (or loss) for each player.
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