Expected Value Calculator
Calculate the expected value of any bet to understand why casinos always profit in the long run.
Use this tool âThink you understand gambling math? Most people don't. Our brains are wired to find patterns where none exist, overestimate our chances of winning, and fall for cognitive traps that casinos exploit every day. This quiz tests your understanding of probability, expected value, and common gambling fallacies. The questions range from beginner concepts to advanced probability theory.
Humans evolved to survive in environments where quick pattern recognition was crucial. Spotting a predator in the bushes once could save your life, even if you saw false patterns a hundred times. But this same instinct works against us in gambling environments.
The Gambler's Fallacyâthe belief that past random events affect future onesâis perhaps the most famous example. After a roulette wheel lands on black five times in a row, many gamblers feel certain that red is "due." But the wheel has no memory. Each spin is independent, and the probability of red remains exactly the same: approximately 47.4% on a European wheel.
Research published in the Journal of Gambling Studies has shown that even when people intellectually understand that events are independent, they often still feel that patterns matter. This emotional response is what casinos count on.
Every casino game is built around a concept called expected valueâthe average amount you can expect to win or lose per bet over thousands of repetitions. For all casino games (except when certain advantage play techniques are used), this expected value is negative for the player.
Consider roulette: On an American wheel with 38 numbers (including 0 and 00), betting on a single number pays 35-to-1. If the game were fair, it would pay 37-to-1. That differenceâpaying less than true oddsâis how casinos make money. You can learn more about this in our True Odds Converter.
The American Gaming Association reports that U.S. commercial casinos generate over $60 billion in gaming revenue annually. That money comes from the mathematical certainty that players will lose more than they win in aggregate.
Our quiz covers several key areas of gambling mathematics:
For each question, we provide a detailed explanation whether you get it right or wrong. The goal isn't to make you feel bad about incorrect answersâresearch shows most people get these wrong. The goal is to help you understand the math that drives every casino game.
After taking the quiz, explore our other educational tools to deepen your understanding:
Calculate the expected value of any bet to understand why casinos always profit in the long run.
Use this tool âSpin thousands of times and watch randomness in action. See why pattern-seeking doesn't work.
Use this tool âCalculate how often winning and losing streaks actually occurâthey're more common than you think.
Use this tool âThe truth behind common casino myths, from oxygen-pumped rooms to "hot" slot machines.
Read the story âHow slot machines exploit cognitive biases to keep players betting despite losses.
Read the story âThe strange beliefs and lucky rituals gamblers useâand why they persist despite being mathematically meaningless.
Read the story â