Expected Value at Jal Alai and Pari Mutual Gambling (UMAP)

This module will explain the concepts of expected value, fixed-payoff, and pari-mutuel gambling. It will discuss gambling at a jai alai fronton which is similar to gambling at a race track.

Table of Contents:

1. INTRODUCTION

2. EXPECTED VALUE
2.1 Definition
2.2 Alternate Definition
2.3 Equivalence of the Two Definitions

3. PARI-MUTUEL GAMBLING

4. JAI ALAI
4.1 Possible Bets
4.2 Expected Value at Jai Alai

5. SOLUTIONS TO EXERCISES

6. APPENDIX