A nonprofit organization plans to hold a raffle to raise funds for its operations. A total of 1,000 raffle tickets will be sold for $1.00 each. After all the tickets are sold, one ticket will be selected at random and its owner will receive $50.00. The expected value for the net gain for each ticket is \(-\)$0.95. What is the meaning of the expected value in this context?

The expected value for each ticket is simply the average value gained or loss per raffle ticket.

Ticket owners can lose $0.95, but can lose more if they buy more tickets. On average, this is how much they will lose per ticket.

The expected value will be the same regardless of how many tickets purchased.