If the odds are 1 in about $300,000,000 and the jackpot is $1,600,000,000 and the tickets cost $2 each then why couldn’t I just go buy $
300,000,000 tickets for $600,000,000 and pocket one billion dollars
In: 3
Generally speaking the odds simply don’t line up that much in your favor. In systems with one big prize it will never work out because the payouts aren’t set up that way.
But say they did in like one of the pick a set of numbers lotteries. You buy every ticket number combo guaranteeing a jackpot, and the jackpot has built up so high that even after taxes you can walk away with a profit. However you can’t stop other people buying tickets, and if multiple people win the jackpot is split.
Which means that to make a profit you are gambling no one else wins. And that’s still a negative expected value on the outcome.
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