When To Give Up?

[a nonymous]

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The fact that you play powerball is irrelevant.

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No it's not. This guy has a gambling problem and shouldn't be playing poker (even if he could beat the game).

Do some research.

[MicroBob]

does everyone who has ever bought a single powerball ticket have a gambling problem?
I'm too lazy to do the research and will let you answer for me.

[a nonymous]

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does everyone who has ever bought a single powerball ticket have a gambling problem?
I'm too lazy to do the research and will let you answer for me.

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No, but someone who knows they are -EV and buys them over and over again does. Maybe not a huge problem (yet), but certainly a problem.

[MicroBob]

I think almost everyone who plays powerball has some awareness that they are -EV even if they aren't familiar with that term.
They buy them and say, "I know I'm never going to win this thing."

You seem to be saying that the only regular powerball ticket purchasers who do not have gambling problems are the ones who are too stupid to realize they are a bad bet.

You act like OP buys these all the time and can't help himself.
He says he plays powerball 'occasionally' when he said that he never gambles on -EV games anymore EXCEPT for that.

Spending $2-$3 a week on powerball tickets does not mean he has a gambling problem.

I don't normally play -EV games either and I hate the freaking lottery. But occasionally when my GF and I are at a casino we will play roulette or 3-card poker even though I know they are -EV because she likes playing those games.
FWIW, she understands they are negative expectation games as well.

Are we both gambling addicts? I guess we better seek help because we have lost way more than $2-$3 on those stupid games.

[indianaV8]

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Are we both gambling addicts? I guess we better seek help because we have lost way more than $2-$3 on those stupid games.

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MicroBob: You obviously are a gambling addict, look at your 2+2 post count. But don't seek help, just continue to give help [img]/images/graemlins/wink.gif[/img]

[spkid]

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I think almost everyone who plays powerball has some awareness that they are -EV even if they aren't familiar with that term.


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This is more of a math question than trying to correct anyone. I always thought that progressive lotteries like the powerball do become +EV at some point. The powerball is actually a good bet sometimes, right?

So if the odds of hitting are say 100,000,000 to 1 and the jackpot is over $100,000,000 you have a +EV on a $1 ticket.

Here's the question: is it still considered +EV even though your odds are so small to hit since you will not live anywhere close to long enough to get enough shots at it?

[Rainbow Warrior]

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So if the odds of hitting are say 100,000,000 to 1 and the jackpot is over $100,000,000 you have a +EV on a $1 ticket.


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You're missing one factor. If the odds are 100M-1 and the JP stays at $100M, yet 500M tickets are sold the chances of duplicate winners takes your EV way down...

[spkid]

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So if the odds of hitting are say 100,000,000 to 1 and the jackpot is over $100,000,000 you have a +EV on a $1 ticket.


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You're missing one factor. If the odds are 100M-1 and the JP stays at $100M, yet 500M tickets are sold the chances of duplicate winners takes your EV way down...

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Yes, I did miss this! So this is what makes a progressive lottery different from a progressive slot machine where there can be a a +EV. Since only one person can hit the slot machine at one time.

I though I read something in a Wong book about professional gamblers playing slots when the jackpot reaches a certain amount and that's where I got the lottery idea. But your point about multiple winners changes everything.

[freecard4all]

Post deleted by freecard4all

[freecard4all]

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This is more of a math question than trying to correct anyone.
...
Here's the question: is it still considered +EV even though your odds are so small to hit since you will not live anywhere close to long enough to get enough shots at it?

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It's not math question, it's psychological question.

(1) what is the EV (in terms of feeling) of having $1?
(2) what is the EV (in terms of feeling) of having $1.000.000.0 (or one zero more)

1st is about 0 EV for me. I don't care about $1 (well that's the price of one hamburger, one cola, one ice-cream, one bear). Do you really care about one bear? I don't.

2st is WOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO to me. I could do everything I want. I would have never ever work and I would live in luxury for life. I would bought some Ferrari Enzo and live as a king.


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Even if I consider $1 is $1 EV for me then having 100.000.000 is waaaaaaaayyyyyyy more than 100.000.000 times the $1 EV.


Get the point? I don't care if I lose milion times one dollar (I mean a dollar per week). But hell I do DO DO DO DO DO DO care if I win milion dollars in ONE SIGNLE SHOT.

In fact it's ++++++++++EV+++++++++ for me even to think about it [img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/grin.gif[/img] [img]/images/graemlins/grin.gif[/img]

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edit// what I mean: one ticket is equal to one bear or one cola. If $1 means so much for you then you don't need to buy that one bear. Price of the ticket is the same price as the price of the bear for about the same good feeling (except you can drive after one ticket