\par When playing a game of probability and chance, everyone is always hope for some luck in order to win. However, there is more to it than just luck. Through a small discussion over letters between a Swiss mathematician, Nicolaus Bernoulli, and a French mathematician, Pierre Raymond de Montmort, in 1713, Bernoulli proposed the idea of the probability and expected payoff of winning in a lottery gamble. The theory soon became popular due to its fascinating paradoxical solution. His cousin, Daniel Bernoulli, later published his arguments on the theory and named it Saint Petersburg Paradox. The name of the paradox originated from a Russian city where he once resided (Klyve). The paradox is considered to be one of the most famous puzzle throughout
