Suppose you have an unfair coin that comes up heads 60% of the time and tails 40% of the time. you play a game where you flip the coin a single time and you lose $2 if you get heads and you win $3 if you get tails. what is the expected value of your outcome?
The expected value is that you lose 2$ because you come up with heads 60% of the time, which is the most likely outcome, and if you come up with heads then you lose 2$.
