2006-07-31 06:42:08 · 12 answers · asked by Anonymous in Games & Recreation ➔ Gambling
Chance well taken if the losses you expect to suffer have very little to no affect on your life, but winning would change your life dramatically. Also, if it's more money than you could ever expect to make otherwise then maybe it's worth risking a few dollars if that loss has very little to no affect on your life.
Playing the lottery from a probability stand point is almost always a bad bet. There are cases where it becomes a good bet when the prizepool grows large enough though.
Search around the net for "expected utility". The concept of expected utility should help put things into better perspective for you.
2006-07-31 08:11:48 · answer #1 · answered by aaron g 2 · 1⤊ 0⤋
The lottery operators recognize the numbers decided on by way of entrants - or a minimum of the knowledge is of their computer systems. I could suppose this knowledge may be very strictly managed, although. But should you knew which choices had no longer but been picked how could this aid? You would purchase tickets for the entire unselected mixtures and also you could no longer ought to percentage the prize. But you continue to want this type of mixtures to arise if you're to win whatever. Of path, if you are going to buy each and every combo then you are going to ought to percentage if the successful combo isn't for your organization of unselected ones. You can develop the risk that any win is not going to ought to be shared. Make certain your access involves a quantity larger than 31 on account that plenty of humans use birthdays as their 'fortunate' numbers. Don't have a run of six consecutive numbers equivalent to a million, two, three, four, five, 6. These are traditionally selected. Not sharing a win is well however you continue to ought to win within the first location. If you're making a couple of access then keep in mind making certain that no 2 tickets include the identical combo of three numbers. This raises the risk of a £10 win however, of path, does away with the probability of a couple of wins so your total anticipated go back stays the identical.
2016-08-28 15:06:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well, I guess it depends where you live. My parents have recently won a Canadian lottery for $50,000. The Canadians were going to send us the money, but guess what? In the US, where my family lives, the Government was going to take ALL of our lottery winnings, PLUS some more money right from our pockets. I'm not joking with this either. You'd be better if you picked up and moved to Canada, because it's not the same way at ALL there.
-I wouldn't do it if I were you, it's a major waste of time and money!
2006-07-31 06:52:37 · answer #3 · answered by stephygirl4ever 3 · 0⤊ 0⤋
Waste of time. The house advantage in the Lottery is insane. The government is worse than casinos with regards to that.
2006-07-31 07:46:45 · answer #4 · answered by generationofswine1 2 · 0⤊ 0⤋
The short answer is... they are a waste of money.
But, it is like any gambling. If you can afford to lose the money and you find it entertaining, then go ahead. I occasionally buy lotto tickets and my wife likes scratch-offs. However, we both have jobs and are relatively stable financially. We do it for entertainment.
If it is your financial strategy, i.e. you are playing to MAKE money, then don't play lotterys. The payout is usually %50 (i.e., for every $1 in they pay out 50 cents), which is terrible . Most bets in Las Vegas have payouts above %95.
2006-07-31 07:01:47 · answer #5 · answered by Wundt 7 · 0⤊ 0⤋
Boy if you have a 50 / 50 chance I want to play too ...but the truith is it's more like 3000 to 1 that you will even win anything more than a free game. I used to live in Vegas and the smart money was always in the bank
2006-07-31 06:51:44 · answer #6 · answered by magicboi37 4 · 0⤊ 0⤋
unless you buy a whole roll, its a waste of time. you have more chance of getting struck by lightning twice in the same day than winning the lottery.
2006-07-31 06:52:00 · answer #7 · answered by King Tex 1 · 0⤊ 0⤋
It's not a waste of time if you just try it once or twice on your free time or something. It can be a chance well taken if you win but if not, just charge it to experience. haha.
2006-07-31 08:34:45 · answer #8 · answered by Iya 3 · 0⤊ 0⤋
People have vices, (ie. smoking, morning latte ... more). A pack of cigarettes costs X amount of dollars per month. Morning lattes costs X amount of dollars per month. Buying lottery tickets costs X amount of dollars per month.
If you win a few lottery prizes (small, medium, big), then it's entertainment.
Smoking on the other hand can become a health hazard.
Morning lattes ...
2006-07-31 07:07:34 · answer #9 · answered by r0bErT4u 5 · 0⤊ 0⤋
the chances of winning aren't that good so i say its a waste of time and money.
2006-07-31 06:50:59 · answer #10 · answered by ? 2 · 0⤊ 0⤋