tag:blogger.com,1999:blog-3233334764716542857.post6291095446003419521..comments2024-02-13T02:01:54.860-05:00Comments on Middle Class Millionaire: Lottery Tickets, Risk vs Reward – A Middle Class Rant VIMiddle Class Millionairehttp://www.blogger.com/profile/05811562493746248349noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-3233334764716542857.post-71357359448993162622013-03-27T13:19:57.052-05:002013-03-27T13:19:57.052-05:00Lottery tickets can be lots of fun.Lottery tickets can be lots of fun.QUALITY STOCKS UNDER 5 DOLLARShttp://www.chicagoillinoisbusinesslist.com/business/5066133.htmnoreply@blogger.comtag:blogger.com,1999:blog-3233334764716542857.post-35340118335665853922007-07-14T23:42:00.000-05:002007-07-14T23:42:00.000-05:00I buy tickets once in while and then I don't check...I buy tickets once in while and then I don't check them for months cause I have a winner until I check it...Deborahhttps://www.blogger.com/profile/05180123507766228764noreply@blogger.comtag:blogger.com,1999:blog-3233334764716542857.post-17793968632498075062007-07-06T13:14:00.000-05:002007-07-06T13:14:00.000-05:00I don't play the lottery but I'm puzzled by the co...I don't play the lottery but I'm puzzled by the comparison of winning the lottery to being struck by lightening. How is it that we hear of people winning the lottery but we rarely hear of people getting hit by lightening? If the changes if winning the lotter is 1 in 14M and getting hit by lightening is 1 in 2.5M then we should certainly be hearing of more people being hit by lightening, no?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3233334764716542857.post-51346755885601146702007-06-30T05:55:00.000-05:002007-06-30T05:55:00.000-05:00Have you heard the saying that the lotto is the "t...Have you heard the saying that the lotto is the "tax on stupid people" ? <BR/><BR/>I don't want to come off sounding mean, but if people enjoy wasting their money on it I think it's fine, just means I can pay less on my taxes!Jordanhttps://www.blogger.com/profile/14261191417363201262noreply@blogger.comtag:blogger.com,1999:blog-3233334764716542857.post-51210615196921842582007-06-28T14:03:00.000-05:002007-06-28T14:03:00.000-05:00See, I don't play the 6/49 because you just scan y...See, I don't play the 6/49 because you just scan your ticket and you're done. Keep in mind I probably only spend $30-$40 per year on the lottery, and that includes cheezy tickets in cards for people and things along that line. <BR/><BR/>I kind of like scratch and win tickets better, even though the prizes are lower. I pay my $2 for the sheer thoughts as your scratching. You know the ones, like 'If I just get an X I'm off to future shop' 'If I get X and Y I'm buying an apartment complex'. <BR/><BR/>I have no expectation of winning, but as your scratching it's fun to think if the next thing you scratch is the 'magic one' then your basically set for life.<BR/><BR/>I find the 6/49 boring because it's over too quick. You see the number, you look at yours, since odds are your not winning after 1-2 number comparisons the dream's already over.Traciatimhttps://www.blogger.com/profile/07939921958167371917noreply@blogger.comtag:blogger.com,1999:blog-3233334764716542857.post-3560948775831171832007-06-28T10:27:00.000-05:002007-06-28T10:27:00.000-05:00When the reward (odds) are higher, people seem to ...When the reward (odds) are higher, people seem to want to bet more often for a chance at that "big payout".<BR/><BR/>I just went to Vegas and this is in action all the time. An example is craps, which I like to play. Many of the low payout bets are the ones with the best odds (lowest house advantage).Warrenhttps://www.blogger.com/profile/00586650821846362670noreply@blogger.comtag:blogger.com,1999:blog-3233334764716542857.post-36735307037870736812007-06-28T08:36:00.000-05:002007-06-28T08:36:00.000-05:00Note that this is a very crude analysis. Here's a ...Note that this is a very crude analysis. Here's a much better one I found: http://www.stat.umn.edu/~charlie/lottery/Unknownhttps://www.blogger.com/profile/04500742346966538436noreply@blogger.comtag:blogger.com,1999:blog-3233334764716542857.post-11039211702535785772007-06-28T08:32:00.000-05:002007-06-28T08:32:00.000-05:00The exact odds of winning Lotto 6/49 are 1 in 13,9...The exact odds of winning Lotto 6/49 are 1 in 13,983,820. Since it costs $2 to play, any time the jackpot is greater than or equal to $2 x 13,983,820 = $27,967,640 there is a positive expected value to playing.<BR/><BR/>So anyway, I play every time the jackpot is over $28M. (If it went over $56M I'd play 2 tickets, etc.) <BR/><BR/>Encore is a total wast of money though, since you'd pretty much never have positive expected value.Unknownhttps://www.blogger.com/profile/04500742346966538436noreply@blogger.comtag:blogger.com,1999:blog-3233334764716542857.post-10723007380137732292007-06-28T07:57:00.000-05:002007-06-28T07:57:00.000-05:00Right now, I'd have to say none. I've never bough...Right now, I'd have to say none. I've never bought a lottery ticket, regardless of the payout. <BR/><BR/>I think people implicitly believe they have a better chance of winning a higher value when the jackpot is higher. For instance, if the jackpot is $40M, they might believe it will be split 5 ways, which means that everyone gets $8M, while if there's only a $4M jackpot, it's likely going to a single winner, and that's not "worth it" for some people. It's the logic I've had described to me on more than one occasion.Anonymousnoreply@blogger.com