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rightbyte
11 months ago
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There Was a Texas Lottery Arbitrage
How can lottery tickets be riskless? I mean you need to draw winning tickets too. Even if the EV is over 1 you can end up under 1 in practice?
ascorbic
11 months ago
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They bought every number
wnc3141
11 months ago
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next
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Isn't the jackpot only a fraction of the revenues from all tickets sold?
hcs
11 months ago
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root
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Yes but progressive jackpots accumulate if not won in previous drawings.
Breza
11 months ago
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In this particular lotto, 4% of all possible numbers were bought in a typical period. So it's not truly riskless, but there was definitely a positive expected value.
rightbyte
11 months ago
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Oh ... ye well that solves it.
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