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    Using expeccted value to find a fair bet in five card stud.

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    If casino five card stud were fair, how much should it pay to a player who bets $10 and gets a full house versus a dealer who gets two pair? The odds against getting a full house in five card stud are about 693 to 1.

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    Please see the attached Word document.

    The first step is to convert the odds to probability. You can think of the odds provided as a total of 694 outcomes; 693 of the outcomes are not a full house and only one of them results in a full house. The probability of a player getting a ...

    Solution Summary

    This problem shows how to use the expected value of a discrete probability distribution to find a fair bet in five card stud.