Solved: Probabilities in the game of keno, Accounting Basics

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Probabilities in the game of keno

Problem:

At the casino you can play the game of Keno (similar to the "lottery" problem); where 80 balls are in an urn, 20 balls are required for the jackpot, and 20 balls are drawn overall. Additionally there are "winning" payouts if you pick: 0,1,2,7,8,9,10,11,12,13,14,15,16,17,18,19, or 20 correct.

You receive no payout for 3,4,5, or 6.

Based on this information:

(a) what is the overall probability of getting 10 correct?

(b) what is the overall probability of getting 0 correct?

(d) what are the odds against winning any prize?

(e) what is the "house edge" for this game?

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Accounting Basics: Probabilities in the game of keno

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