A game is said to be fair if the expected value (after considering the cost) is 0

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A game is said to be fair if the expected value (after considering the cost) is 0. This would mean that in the long run, both the player and the "house" or whoever is putting on the game, would expect to win nothing. 

If the value is positive, the game is in your favor. If the value is negative, the game is not in your favor. At a carnival, you pay $1 to choose a card from a standard deck. If you choose a red card you double your money, but if you pick a black card you do not get any. (A standard deck of cards has 52 card. 26 of the cards are red.)