- Random event
- Chance
- Long run vs short run

- Range:
- Sum: all possible outcomes' probabilities sum up to 1
- Complementary:
- Additivity: Addiable if no common part

- A fair shuffled deck of standard Poker cards, with a total of 52.
- Probability of drawing a spade()?
- Probability of drawing a Jack?
- Probability of drawing a number?
- Probability of drawing a character?

- Formula:
- Law of large number

- Tossing a fair coin for twice.
- Expect value of # of heads?

- Please do your worksheet in groups
- Please get started with your mixable assignment

- What's the probability of tossing a quarter?
- Tossing vs spining
- Reference: DYNAMICAL BIAS IN THE COIN TOSS

- Win probability is 0.5 vs 0.5; you have 1 million and the house has 100 million.
- What's the probability you can win at last?
- Win probability is 0.49 vs 0.51; you have 1 billion and the house has 100 million.
- What's the probability you can win at last?