Consideration #1: Odds of winning if you never buy a ticket: zero Odds of winning if you buy a single $1 ticket: non-zero. Yes, the odds of winning are inifinitismally small, but there's a huge statistical difference between zero and non-zero.
Consideration #1A Odds of losing if you never buy a ticket: zero Odds of losing if you buy a single $1 ticket: better than even.
I don't know the rates for whatever outfit runs your lotteries are, but the Ontario Lottery Corporation pays out 41c for every dollar intake. Meaning that for every $100 investors customers put in, they will get back $41, and lose $59. Sounds like a mug's game to me.
There's a large difference between losing zero and losing over $30 a year, assuming one $1 ticket a week. There's a huge statistical difference between losing nothing and losing 59% of your investment.
Lotteries are a tax on stupidity ...
I didn't say that. I'm just pointing out that they're a tax on those who can't do statistics.
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Date: 2006-09-22 03:40 am (UTC)Odds of winning if you never buy a ticket: zero
Odds of winning if you buy a single $1 ticket: non-zero.
Yes, the odds of winning are inifinitismally small, but there's a huge statistical difference between zero and non-zero.
Consideration #1A
Odds of losing if you never buy a ticket: zero
Odds of losing if you buy a single $1 ticket: better than even.
I don't know the rates for whatever outfit runs your lotteries are, but the Ontario Lottery Corporation pays out 41c for every dollar intake. Meaning that for every $100
investorscustomers put in, they will get back $41, and lose $59. Sounds like a mug's game to me.There's a large difference between losing zero and losing over $30 a year, assuming one $1 ticket a week. There's a huge statistical difference between losing nothing and losing 59% of your investment.
Lotteries are a tax on stupidity ...
I didn't say that. I'm just pointing out that they're a tax on those who can't do statistics.