This article is about the term used in probability theory and statistics. For other uses, see Expected value (disambiguation). In probability theory, the expected value of a random variable, intuitively, is the long-run .. This is because an expected value calculation must not depend on the order in which the possible outcomes. Simple explanations for the most common types of expected value formula. Includes video. Hundreds of statistics articles and vidoes. Free help. The formula for the expected value is relatively easy to compute and involves several multiplications and additions. If you have a discrete random variableread this other article instead: In what follows we will see how to use novomatic games free formula for expected value. Welcome to STAT ! Figure out how much you could gain and lose. Make a probability chart see: The formula for calculating the EV where there are multiple probabilities is: They only informed a small circle of mutual scientific friends in Paris about it.