That is what I used to believe. However, after thinking about it, I realized that the same people that throw money away on the lottery, are the very people that rely heavily on social handouts. So it comes full circle. I'm not sure if there is any net benefit. Also, those same people probably drop quite a bit at casinos. That money is gone and tax payers are paying for much of it. With that said, I do play the powerball when it gets high, because it is fun to think about what I would do with the money. I don't usually spend much ($50/yr).
You don't have *no* chance of winning if you buy 1 ticket. If you don't participate at all, your chances are exactly 0%. But if you buy 1 ticket your chances are greater than 0%, albeit infinitesimally . If you buy 10 tickets, your chances are 10 times infinitesimal. I subscribe to the plain-jane lottery at a buck a pop per week. At least I have a hand in and it basically costs nothing. I don't live near casinos, but I've been known to play some blackjack when I've been to them on vacations. As far as throwing 50 cents in the garbage is concerned, I'll say something sacrilegious. Pennies seem to build up in my pockets as loose change. I have to keep clearing them out into a drawer. But they're not worth my time to use or roll in 50 cent stacks. So I literally throw them away. *gasp*
lottery is a suckers bet.. SUCKER ;} you have a better chance getting hit by lightning on a sunny day. would you BET on that, ya you prolly wood
Average return on investment is below 50%, right. But so is return on insurance policies. Buiyng lottery ticket may be a perfectly rational decision for someone who has very low chances to become rich by other means.
"Mathematicians estimate money in proportion to its quantity, and men of good sense in proportion to the usage that they may make of it. " Gabriel Cramer (1704-1752)
Only roulette, playing the combined first and second dozen, which has about a 2/3 chance of winning -- and a correspondingly low pay out. In Macau, where they use European style wheels with just a single 0, I was once up $300 but eventually lost it all back (plus a little more).
I think some would call my trading technique 'gambling' Every day I buy AAPL at market open with 100% of my equity and full margin. Every day I sell at 3:55 Whatd'ya think ?
I *think* chart has gone up more than down. Hope you have money elsewhere when you lose it all, or when you get really lukcy you take it all out and never come back again. How has your method done?