HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » The DU Lounge (Forum) » More than 2,000 people wi... » Reply #4

Response to PoindexterOglethorpe (Reply #3)

Sun Jun 23, 2019, 04:21 PM

4. most lotteries are sucker bets

not only are your odds of winning low... but the payout is rarely a "true payout" meaning that for each dollar bet, should you beat the odds, you will not receive a dollar back (in compared to the odds of winning). For example, lets do a lotto of 2 picks... where each pick can be 0 or 1. There are 4 such possible picks... you have to be assured that when you bet a dollar on this lotto, you will win at least 4 dollars back (even odds)... but rarely do real lottories ever offer that... especially considering that the winnings are discounted for "lump sum" payouts plus the taxes you will owe on your winnings.

so... if the odds are 18 million to 1 against, you need to wait until the jackpot reaches at least 60 Million dollars before you wager 1 dollar to win...depending on how your state recognizes income from gambling.

add to that the uncertainty of winning the entire jackpot by yourself. Generally speaking, as the jackpot grows, the probability grows of having to split (due to publication of the "enormous" jackpot, many occasional players will enter).

Your better off playing blackjack or craps (especially craps if you can back your come/don't come bet with odds) at a regulated casino. your still going to lose your money... but much more slowly and if you are "up" at some point and simply walk away never to gamble again...

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 9 replies Author Time Post
jpak Jun 2019 OP
PoindexterOglethorpe Jun 2019 #1
lapfog_1 Jun 2019 #2
PoindexterOglethorpe Jun 2019 #3
LineLineLineLineNew Reply most lotteries are sucker bets
lapfog_1 Jun 2019 #4
PoindexterOglethorpe Jun 2019 #5
lapfog_1 Jun 2019 #6
PoindexterOglethorpe Jun 2019 #8
Indykatie Jun 2019 #7
jmowreader Jun 2019 #9
Please login to view edit histories.