A tax on stupidity

  1. Explain the difference between the "odds" of winning and the "probability" of winning, say in Keno.
  2. Explain the comments of the cynical mathematician in the second last paragraph.
  3. Explain how payoffs are determined from the odds given.
  4. Do some further research and write a report on how organisations build a profit factor into their gaming operations.

Where to next?

Newspaper article
Index - Related articles
Index - Chance and Basic Probability
Main Index - Numeracy in the News