Expected Value For Discrete Events
[!def] Expected Value
Expected value for discrete events is the summation of outcome and the probability of that outcome.
[!def] Formula of Expected Value (Discrete Events)
E(x) = \sum x P(x)
For example, lets say, the probability of Argentina wins is 90% and France wins is 10%.
And if Argentina wins I get $1000 and if France wins I have to give $2000.
Then my Expected win will be,
E(bet) &= 1000 * 0.9 + (-2000) * 0.1 \\&= 900 - 200 \\&= 700