Common Core Standards: Math
High School: Statistics and Probability
Using Probability to Make Decisions S-MD.5a
a. Find the expected payoff for a game of chance. For example, find the expected winnings from a state lottery ticket or a game at a fast-food restaurant.
Students should be able to calculate the expected values of a certain outcome. As such, they should be able to know when to steer clear of the game entirely or switch their style of play in order to enhance their winnings or at the very least, slow their losses. See? Statistics benefits everyone, from students to gamblers.
An understanding of probabilities and the expected value equation E(x) = x1p1 + x2p2 + … + xipi will get you really far here. Of course, you'll have to get the students to think a bit more than just plugging stuff into the equation.
At Shmoop, we love making things fun and entertaining, and hope that you do too. But bringing to class the $30,000 professional roulette wheel you "don't" have in your basement may be going a bit too far. Just a thought.