Discussion in 'Trading' started by crgarcia, May 4, 2007.
Do you gamble or buy lottery tickets?
I play with play money on pokerstars. Made 100k plus in a week, then lost it all due to a loss of emotional control. Trading is easier IMO.
Once in a great while when the jackpot is real high.
"Show me a great trader and I'll show you someone who understands gambling"
----Martin "Buzzy" Schwartz
I used to, until I started understanding expected value.
After that, I've never seen a situation where there was positive value in buying a lottery ticket.
After calculating taxes, etc.. Your return on investment on a lottery ticket is < 50%, even w/ a huge jackpot, the ROI is at around 75% max, which makes it not worth it to play.
wow I sniff something..... it really stinks....ahhh the smell of retail begging to get in... sold to you!
When I was young I made a promise to myself to never gamble. Not out of morals or ethics but because if I was going to become wealthy i wanted it to be because I did it..and didnt get lucky.
having said that as you get older you realize every investment is a gamble in its own way...its just that if its well thought out the odds will be in your favor.
I see the lottery as a tax for the stupid.
Every dollar the government makes on lotteries is less I have to pay in taxes.
We are lucky in Canada, there is no tax on lotteries.
Just calculate if the jackpot is for 50 million it is all yours. Nothing to government. AND it is good right now because there is almost no diffrence in USD and CAD.
I've never won the lottery or any drawing in my life. I am very good at poker and win a lot of tournaments. It's fun to hang out with some friends and play for a few bucks.
CajunSniper / Puretick.com Administrator-Trader
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