If You Bet One Dollar on a Color in a Spin

Short Answer

If you bet one dollar on a color in a spin of a roulette wheel, then you will either win one dollar or lose one dollar. The probability is $20 / 38$ (about .526) that you will lose one dollar and 18/38 (about .474 ) that you will win one dollar.
a. Explain what it means to say that the probability of winning one dollar is 474 , as if to someone with no formal knowledge of statistics.
b. Consider losing one dollar to mean that your winnings are (_1) dollar.
Determine the expected value of your winnings from betting one dollar on one spin of a roulette wheel.
c. Write a sentence or two interpreting what this expected value means in this context.