SEE:
http://bossip.com/1272250/you-big-du...d-won-nothing/
They invested a small fortune and had their stake reduced by about 90%.
They dauntlessly re-invested the remaining 10% the following week, and
AGAIN lost 90% of that !
They lost 90% then lost 90% of the remaining capital.
What a hoot ... for those who feel a need to mock the brainless among us.
As a similar type "pooling" though not as off track, when Megabucks first came into existence, it caused quite the stir. Taught me quite a bit about gambling mentality. Those multi-million jackpots were alluring..........though nowhere near the amount of Powerball jackpots BUT you had one proviso..........they actually had a return. So we set up pools of folks who wanted to take a chance on the Megabucks jackpot..........but WHAT we did was agree that we would ONLY run the pooled money through once. We would NOT run the money through until it was gone or a jackpot was won. Purely social; purely low key activity.
What I found out is that interest waned because you generally brought back 85% of the money or the general payback of Megabucks. People wanted bigger returns; people wanted to play the games themselves; "that's too boring", and I have noticed that the interest in the multi-million jackpots has seemed to fade over time. You can't seem to generate any interest in this pooling any longer. LOL
But it was a fun enterprise for a short period of time years ago. Gambling just has SO many facets involved personally and emotionally. Psychologically, etc. This site/forum tends to dwell on the math side of it, which is good......but the heart of the matter is GAMBLING drives MOST activity associated with casino games and activities.
"Women and cats will do as they please, and Men and dogs should just relax and get used to the idea" --- Robert A. Heinlein
The amount of money made off lotteries is off the charts! Unfortunately, it's not the people buying the tickets that are making the money, it's the people running the lottery. On this big lottery that went to 1.5 billion, they wouldn't have decreased their chances much if they'd spent $2-$4 instead of $146,000... it becomes apparent that they put a whole lot more thought into those fanciful Mohawk hairstyles than they did on what they were buying into with their lottery investment.
About 60% of sales go back to the players. The vendors get a goodly part, varying by state. In 2012, there was $69B in sales. $19B went to various gov't programs, with education being the largest benefactor.
In the U.S., lotteries were used to help fund the original 13 colonies. When the Revolutionary War started, the Continental Congress used lotteries to raise money to support the Colonial Army.
"I don't think outside the box; I think of what I can do with the box." - Henri Matisse
BTW, if anyone besides Blitz thinks my posts suggests I'm in favor of lotteries; that would be an error. Just answering a question.
Now, on people that sell lottery systems -- that I have an opinion on.
Last edited by Norm; 01-19-2016 at 04:01 PM.
"I don't think outside the box; I think of what I can do with the box." - Henri Matisse
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