Question

The text states that the expected value for the Iowa State Lottery is about −46% for the player. What could the state do to increase (or decrease) this expected value? To increase the expected value, the probability of someone winning must decrease. So, if the state took out some possible numbers, the probability (and expected value) of winning would decrease. To decrease the expected value, add more numbers to the lottery number possibilities. To increase the expected value, the state simply needs to hold lottery drawings more often. If there are more chances to win, the expected value will increase. To decrease the expected value, hold the lottery less often. To increase the expected value, the state simply needs to hold lottery drawings less often. If there are fewer chances to win, the expected value will increase. To decrease the expected value, hold the lottery more often. To increase the expected value, the probability of someone winning must increase. So, if the state took out some possible numbers, the probability (and expected value) of winning would increase. To decrease the expected value, add more numbers to the lottery number possibilities.

Answer 1

Answer: To increase the expected value, the probability of someone winning must increase. So, if the state took out some possible numbers, the probability (and expected value) of winning would increase. To decrease the expected value, add more numbers to the lottery number possibilities.  

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