Benford`s Law - Fun fair bet

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Problem: Fun fair bet

The owner of a booth at a fun fair offers you the following bet:

„You open any newspaper to any page, pick a number from that page, i.e. the second number on the bottom right. You memorize the first digit of that number. If that first digit is a 1 or 2, you pay me 10 €. If the first digit is a 3, 4, 5, 6, 7, 8 or 9 you win 5€. To your advantage we agree to not consider dates, years, time and phone numbers. The first digit of the number can also not be a 0.“

Would you make that bet?

Problem: Fun fair bet (**)

1. Would you make that bet? Explain your decision!
2. How would you decide without knowing Benford`s Law? Explain your decision!
3. What does the owner think attracts bet partners?
4. How could the bet be more balanced, to make it a fair bet?