I agree. Every once in a while I'll play the Powerball or mega millions. It's a bit fun and hey you never know. The small pots aren't worth the time and effort nor the scratch off ones. I get those as gifts sometimes and any winners I cash out.
Interesting perspective. My biggest beefs with the lottery are that governments become enriched by it, and many people end up unhappy and broke after winning millions.
That said, the concepts here remind me of David Sklansky and his study of games. Can't recommend enough this banger of an interview, where he talks about finding a sports betting sheet that offered (accidentally) +EV.
And people who end up poor and unhappy after winning lotto I would attribute to:
1) It makes a great story so gets headlines especially with so many haters...("Man wins lotto and lives a long wonderful life" doesn't have same click bait)
2) Sampling Bias =People who play lotto tend to be unfamiliar with finances
3) People can't say no to all the grifters who come after you
But tbh, you need to try to go broke winning a lotto. It defaults to an increasing annuity payment. You just need to sit there and get paid a large sum of money every year for the next 20+ yrs.
I agree. Every once in a while I'll play the Powerball or mega millions. It's a bit fun and hey you never know. The small pots aren't worth the time and effort nor the scratch off ones. I get those as gifts sometimes and any winners I cash out.
Interesting perspective. My biggest beefs with the lottery are that governments become enriched by it, and many people end up unhappy and broke after winning millions.
That said, the concepts here remind me of David Sklansky and his study of games. Can't recommend enough this banger of an interview, where he talks about finding a sports betting sheet that offered (accidentally) +EV.
https://www.youtube.com/watch?v=-dtmDLAHasE
Looking for positive expected value situations in life is a lot of fun!
Yes govt's make $$ off it.
And people who end up poor and unhappy after winning lotto I would attribute to:
1) It makes a great story so gets headlines especially with so many haters...("Man wins lotto and lives a long wonderful life" doesn't have same click bait)
2) Sampling Bias =People who play lotto tend to be unfamiliar with finances
3) People can't say no to all the grifters who come after you
But tbh, you need to try to go broke winning a lotto. It defaults to an increasing annuity payment. You just need to sit there and get paid a large sum of money every year for the next 20+ yrs.
I'll check out the video