Based on the amount that the player can win if they pick a correct four-digit number in the order required, the expected value of the Ohio lottery game is $0.78
<h3>How to find the expected value?</h3>
To find the expected value, you first need to find the probability that a person picks the correct order of four-digit numbers to win the $2,200.
This probability of the correct order being picked is:
= Number of correct orders / Number of possible correct 4 digit orders
= 1 / 10 ^ 4
= 1 / 10,000
= 0.0001
The probability of picking the wrong order of 4 digit numbers is for the Ohio lottery game is:
= 1 - 0.0001
= 0.9999
The expected value of the Ohio lottery game is:
= (2,200 x 0.0001) + (- 1 x 0.9999)
= 0.22 - 0.9999
= -$0.7799
= -$0.78
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