Bob described a wheel spin promotion:
Number of Prize Occurrences Amount 1 $1,000 1 $500 4 $250 4 $100 5 $50 10 $20 15 $10 20 $5
Just out of curiosity, I get a variance of about 21,814 which is pretty high but the edge at $10 (assuming you get a choice at a guaranteed $50 or spin with EV of $60) is high also (20%). The gambling bankroll needed to make you indifferent to taking the $50 or spining is about $1091 (BR=VAR/(EV-CE)/2). If the numbers were guaranteed $5 million or spin with EV of $6 million instead, the gambling bankroll would be about $110 million.
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Posted by: nightoftheiguana2000@yahoo.com
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