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"Lotteries: America's $70 billion shame"

Discussion in 'Sports and News' started by Dick Whitman, May 12, 2015.

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  1. YankeeFan

    YankeeFan Well-Known Member

    LOL.
     
    YankeeFan, May 12, 2015
    #109
    JC and JackReacher like this.
  2. Songbird

    Songbird Well-Known Member

    Gamble better?
     
    Songbird, May 12, 2015
    #110
  3. Smallpotatoes

    Smallpotatoes Well-Known Member

    They just introduced a $30 instant ticket in Massachusetts.
     
    Smallpotatoes, May 12, 2015
    #111
  4. The Big Ragu

    The Big Ragu Moderator Staff Member

    It may or may not be a terrible leap. None of the things you've posted make that case, though.

    If you are going to google furiously to try to create a case for something that is likely untrue, at least find things that make an A implies B causation case.

    That IRS data -- second time now -- reflects people who won enough money to get a W2-G that is required by the IRS if you win over a certain amount. It doesn't tell anything about the vast majority of gambling money that gets gambled on lottery tickets, slot machines or wagers that win less than the W2-G threshold (which depends on the type of wager).
     
    The Big Ragu, May 12, 2015
    #112
  5. Smallpotatoes

    Smallpotatoes Well-Known Member

    I've often wanted to ask serious lottery players how much is a minimum to play if you're really serious about winning.
    To me, if you buy more than one ticket, the improvement in odds of winning isn't great enough to justify the added expense.
    But I guess it shows how serious you are about winning if you have some sort of sophisticated system and spend a lot of money on it.
     
    Smallpotatoes, May 12, 2015
    #113
  6. doctorquant

    doctorquant Well-Known Member

    Your odds of cashing rise linearly with your wagered amount. Your expected value per dollar wagered remains constant.
     
    doctorquant, May 12, 2015
    #114
  7. Smallpotatoes

    Smallpotatoes Well-Known Member

    So somebody who buys $100 worth of tickets is much more likely to win than someone who buys $1?
     
    Smallpotatoes, May 12, 2015
    #115
  8. doctorquant

    doctorquant Well-Known Member

    Somebody who spends $100 on his trip to the store to buy tickets has a 100x better chance to win at least something than someone who spends $1 ... But he's also losing money 100x faster.
     
    doctorquant, May 12, 2015
    #116
  9. JC

    JC Well-Known Member

    This has turned into a couple posters who appear to be auditioning for The Onion.
     
    JC, May 12, 2015
    #117
    JackReacher, Dick Whitman and YankeeFan like this.
  10. SpeedTchr

    SpeedTchr Well-Known Member

    No shit. I'm standing there with 44 ounces of ice cold awesome, plus a bag of cookies, a candy bar, some chips and a protein bar (gotta eat healthy), and some numpty is killing me taking his time trying to read a scratch-off.
     
    SpeedTchr, May 12, 2015
    #118
  11. Smallpotatoes

    Smallpotatoes Well-Known Member

    That's kind of what I figured.
     
    Smallpotatoes, May 12, 2015
    #119
  12. rascalface

    rascalface Member

    Just wait until Chicago opens up its casino. A city-owned casino. So that when somebody loses at blackjack, that money goes right to the government. No muss, no fuss. Of course, they're selling it as a boon to hotels, restaurants and the convention industry. Kind of like when they promise the moon when they build stadiums with taxpayer money.

    Shouldn't be all that surprising, though. Chicago (and Illinois) basically shakes every nickel out of the people that live there.
     
    rascalface, May 12, 2015
    #120
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