What is expected value (EV) and why does it matter in trading?

Expected value is the average outcome of a bet or trade if repeated many times. It's calculated as: EV = (Probability of Win × Payout) - (Probability of Loss × Loss Amount). Positive EV decisions compound over time, which is why quant traders obsess over finding and exploiting +EV opportunities.

How do I calculate dice probabilities quickly?

For dice problems, remember key combinations: 6-sided dice have 36 possible outcomes for 2 dice. Common sums: 7 appears 6/36 times (most common), 2 and 12 appear 1/36 times (rarest). Practice recognizing these patterns in Probability Poker to build intuition.

What probability questions are asked in quant interviews?

Quant interviews at firms like Jane Street, Citadel, and SIG frequently test: dice probability, expected value calculations, conditional probability, game theory decisions, and optimal stopping problems. Probability Poker covers all these question types.

How does Probability Poker score answers?

Easy questions earn 5 points, medium 10 points, and hard 15 points for correct answers. Your streak multiplies earnings: longer streaks = higher scores. Sudden Death mode (Competitive) tests your ability to maintain accuracy under pressure for leaderboard ranking.

What is the difference between probability and odds?

Probability is expressed as a fraction or percentage (e.g., 25% or 1/4). Odds are expressed as a ratio of favorable to unfavorable outcomes (e.g., 3:1 against or 1:3 in favor). Converting between them: if probability is p, odds are p:(1-p). Probability Poker helps you think fluently in both formats.