Originally posted by: profmath
Originally posted by: ElFenix
Originally posted by: profmath
The lottery is NEVER and even bet. Odds are always 1 in 135 million
do you know what an even bet is?
Yes an even bet is one that you have a 50% chance of winning.
A bad bet is one that you have less than a 50% chance of winning.....like the lottery or you being right on this.
Could it not apply to the situation where a lottery has built up to such a high level that the total winnings will equal the total income from ticket sales, thus meaning that from a grand perspective, it's an even bet? Obviously the lotto company would have reaped huge rewards from all of the unwon games, and never will lose. But, if odds are one in 135 million and the total winnings are now up to 59 trillion dollars, then you could drop a billion on them and that's a damn good investment, so it would be a statistically wise thing to do.
Anyway, I still think that as lottos increase in wealth the number of ticket buyers more than makes up for it, so it's probably a _worse_ idea, from a money-back standpoint, to wait until the lottos have grown really large.