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The expected value of a gamble is a key concept in probability and decision-making, widely applied in various fields including finance and gaming. In India, this idea can be illustrated through local products like the traditional game of Teen Patti, which is popular during festivals. Teen Patti involves betting, and players often calculate the expected value to assess potential wins or losses based on probabilities. For example, if a player bets on a hand with a 60% chance of winning 100 rupees and a 40% chance of losing 50 rupees, the expected value can be computed as （0.6 * 100） + （0.4 * -50） = 60 - 20 = 40 rupees. This means, on average, the player can expect to gain 40 rupees per game, helping them make informed decisions in gambling scenarios. |
