Finding the Expected Value of a Dice Game it to a decimal by dividing on a calculator. The formula for the expected value is relatively easy to compute and involves several How to Calculate Expected Value in Roulette · Article. Get to grips with a basic Expected Value formula. Learn how to work out whether you should make a bet or not. How to calculate Expected Value. The formula for calculating Expected Value is relatively easy — simply multiply your probability of winning with the amount you could win per bet, and subtract the probability of losing multiplied by the amount lost per bet:. Betting Strategy Apr 27, Home Articles Projects Programming Calculators Contact. We now turn to a continuous random variable, which we will denote by X. I also like that it shows the possibility of winning multiple prizes.