A relic farm nets you 60 (EM win) + 15 (first two slots match each time) + 65*3 = 270 coins.
Compare it to pharaoh/squid:
Pharaoh selling price: 265
Squid selling price: 259
Average selling price: 262
http://elementscommunity.org/forum/index.php/topic,1091The chance of winning exactly one and not winning anything else is .366*.618*.618 = 13.9%. You would win 60 + 5 + 262 = 327
The chance of winning exactly two and not winning anything else is .366*.366*.618 = 8.3%. You would win 60 + 10 + 262*2 = 594
The chance of winning three is .366*.366*.366 = 4.9%. You would win 60 + 15 + 262*3 = 861
Utility approximation of net electrum gain for one game:
.729*60 + .139*327 + .083*594 + .049*861 = 180.7
Give or take a couple electrum because the chance of winning exactly one squid is .366*.634*.634 = 14.7% and the chance of winning exactly two squids is .366*.366*.634 = 8.5%.
Anyways, 270 is far greater than 180.7, so relic farms are indeed more profitable than squid/pharaoh.