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Do you play any kind of lottery?
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<blockquote data-quote="Cadence" data-source="post: 6232726" data-attributes="member: 6701124"><p>A dollar a week (when I remember) on a MegaMillions quick pick for me to pay for the day-dream. If one of the games gets into positive expected value territory I might spend $2 to $5 for the dream that drawing. (I haven't checked how big a jackpot that takes for the revised MegaMillions now). </p><p></p><p>I used to play the same sets of two numbers every week on the same ticket for $1 total. But then they went to two drawings a week, and then one set of numbers each pay, then two different games, and then one of them jumped to $2... bah! And what if they hit that week you didn't play... since its the same set of numbers every week you'd know the universe was spiting you. No interest in paying more than a single soda, and certainly not paying for a bad dream.</p><p></p><p></p><p></p><p>They make a nice example in intro stats courses where you can talk about the expected value of a lottery play and how the expected average payout on lottery tickets would be illegal in a casino game in most states.</p><p></p><p></p><p><span style="font-family: 'Verdana'"></span></p><p><span style="font-family: 'Verdana'">Know someone who used to make a nice living by making some of the casino games high volume positive expectation games though -- counting cards in blackjack at the smaller casinos who are bad at spotting, the right video-poker game that was essentially fair if played optimally but now the casino has a cash back offer to attract people in and they comp you rooms and flights based on amount you put through not amount won and lost, etc.... In that case you exactly know the probabilities so you can go into it with more information than the stock market. </span><snip the="" other="" reasons="" i="" voted="" against="" making="" them="" legal="" in="" our="" state="" when="" it="" came="" up="" several="" years="" back=""></snip></p></blockquote><p></p>
[QUOTE="Cadence, post: 6232726, member: 6701124"] A dollar a week (when I remember) on a MegaMillions quick pick for me to pay for the day-dream. If one of the games gets into positive expected value territory I might spend $2 to $5 for the dream that drawing. (I haven't checked how big a jackpot that takes for the revised MegaMillions now). I used to play the same sets of two numbers every week on the same ticket for $1 total. But then they went to two drawings a week, and then one set of numbers each pay, then two different games, and then one of them jumped to $2... bah! And what if they hit that week you didn't play... since its the same set of numbers every week you'd know the universe was spiting you. No interest in paying more than a single soda, and certainly not paying for a bad dream. They make a nice example in intro stats courses where you can talk about the expected value of a lottery play and how the expected average payout on lottery tickets would be illegal in a casino game in most states. [FONT=Verdana] Know someone who used to make a nice living by making some of the casino games high volume positive expectation games though -- counting cards in blackjack at the smaller casinos who are bad at spotting, the right video-poker game that was essentially fair if played optimally but now the casino has a cash back offer to attract people in and they comp you rooms and flights based on amount you put through not amount won and lost, etc.... In that case you exactly know the probabilities so you can go into it with more information than the stock market. [/FONT]<snip the="" other="" reasons="" i="" voted="" against="" making="" them="" legal="" in="" our="" state="" when="" it="" came="" up="" several="" years="" back=""></snip> [/QUOTE]
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