Huge lottery win

Robbie01 · #1 08-15-2006, 08:06 PM

My friend won 565,000 pounds with a lottery ticket here in the uk i know lottery is bad to play but half a million! thats 1 million bucks talk about +EV lol

pokergrader · #2 08-15-2006, 08:51 PM

B & V

newpokerplayer · #3 08-15-2006, 09:55 PM

lol id be happy with a 5k lotto win. I've never won much playing

smartalecc5 · #4 08-16-2006, 04:52 AM

actually, buying a lottery ticket is -EV

TStoneMBD · #5 08-16-2006, 05:29 AM

not if you win it isnt.

CaseS87 · #6 08-16-2006, 05:43 AM

[ QUOTE ]
not if you win it isnt.

[/ QUOTE ]

qft

stigmata · #7 08-16-2006, 05:45 AM

EV isn't everything, from a life-utility concept point of view I couldn't blame anyone for buying a lottery ticket.

agent_fish · #8 08-16-2006, 09:32 AM

[ QUOTE ]
EV isn't everything, from a life-utility concept point of view I couldn't blame anyone for buying a lottery ticket.

[/ QUOTE ]

I agree. When the jackpot is huge, it is definitely worth it to pay $1 for a chance at a hundred million or so (after taxes). I suggest buying only one and only when the jackpot reaches a certain point. When you do this you increase your chances infinitely, correct (as opposed to not buying one)?

I've never bought one personally. I was going to one time but then forgot about it.

one_eye_mike · #9 08-16-2006, 12:38 PM

Used to work with a lady who won the Powerball for about 250 million. As you can imagine she quit coming to work.

TStoneMBD · #10 08-16-2006, 02:42 PM

from a utility standpoint buying a lotto ticket is incorrect. utility is the theory that less money is more important than more money, if im understanding the concept.

however, there is definitely psychological value in purchasing lotto tickets. many people work dead end jobs their entire life and dream of what it would be like to be a millionaire. they do not have any vehicles to become a millionaire so their dreams cannot be made a reality and they are soon left without a dream. as a result they turn to the lotto and are able to continue to dream of what it would be like to win the lottery and be able to buy a huge house and nice car, etc. having a dream is an important mindset for a human.