Discrete Random Variable question (raffle)

A raffle is to be drawn from 500 tickets. Each ticket was purchased for $1 with first prize being $200, second prize $150 and third prize $100. Find:

a. the expected loss per ticket
b. the profit made by organisers, that is,the house
c. the house percentage

thanks in advance

To find the gain or loss for each prize, subtract the proce of the ticket from the prize.

Your gain on the $200 prize is 200-1=199, and so forth.

Gains(x): 199, 149, 99 ,-1
P(x): 1/500, 1/500, 1/500, 497/500

\(\displaystyle \L\\E(x)=\sum{xP(x)}\)

The expected value will be negative, therefore, a loss.