Woohoo!
LOL. Why would you waste a dollar or whatever it costs, plus the time value of standing in line?
Opinions and Commentary on the Gaming Industry: The Bear Growls
This is a bad bet - even at $2,000,000,000
The reasons for that:
Firstly, it only has a value of what economists term a "utility function"
That means for $2 (the minimum ticket cost) you have bought a dream.
[Though I will offer you 24 cents for that ticket before the Wed. drawing.]
For some, largely the economically downtrodden - that has subjective value.
You are making a bet with what amounts to MAXIMUM Variance, as your
chances of winning are nil. Buying a pocketful of tickets fails to change your
probability of winning. It remains at ZERO. It is 0% because (even for "many" tickets)
to so much as have a "realistic" probability of winning you must have a small number
of significant digits.
The odds of rolling 6-6 four times in succession is 36^4 = 1,679,616 to one.
If I offered you the following prop’ -- do you accept ?
You put up $100 and you throw the dice 3 times.
If all 3 rolls are 6-6 you collect 17,000,000.
You may do this once per day until you die.
That is a big mathematical advantage for you.
Over $300,000 (extra) over an “even bet”
What is not immediately evident is the FACT
that this bet has truly MAXIMUM V A R I A N C E.
It is a fine deal IF $100 per day ($36,525 per annum) means nothing to you.
After just 10 years of daily attempts your "odds against” drops to “only" 460 to one.
Reasonable ? Remember that by the time ten years has elapsed without a win you have
spent / invested $365,250 ~ > 1/3 of a million dollars.
Last edited by ZenMaster_Flash; 01-12-2016 at 10:17 AM.
There's a place a block from here that has a $1,000 pizza. Six kinds of caviar and Maine lobster. That should do nicely. We can wash it down with Algonquin Martini on the Rocks, $10,000 each.Originally Posted by Freightman
"I don't think outside the box; I think of what I can do with the box." - Henri Matisse
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Play within your bankroll, pick your games with care and learn everything you can about the game. The winning will come. It has to. It's in the cards. -- Bryce Carlson
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