Lesson Plan

Identify the outcomes of a game of chance, their probabilities, and their payoff values

Build a signed net-payoff distribution for a game, subtracting the cost to play

Compute the expected payoff per play of a game of chance

Interpret the expected payoff as an average per-play gain or loss and classify a game as favorable, fair, or unfavorable to the player

Apply the method to real games of chance, including a state lottery ticket and a promotional (fast-food) game

HSS.MD.B.5.a

HSS.MD.B.5.a: Find the expected payoff for a game of chance. For example, find the expected winnings from a state lottery ticket or a game at a fast-food restaurant. HSS.MD.B.5: (+) Weigh the possible outcomes of a decision by assigning probabilities to payoff values and finding expected values.