Monday, August 8, 2011
How is it that the more lottery tickets you purchase, the greater the chance you have of losing?
The cost of all the lottery tickets added together is less than that of the prize. So if you bought all the lottery tickets in a lottery you would win less that you paid. So, if you look at each ticket as a share of the total loss and win you see its a bad bet. However, modern gaming theory has developed the concept of pot odds which could come into play on certain progressive games where the pot builds over time but in general the pot will never build to a point where it would over come the odds. So you see its always a long shot or a suckers bet.
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