Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.2 9/5/84; site genat.UUCP Path: utzoo!utcsri!utcs!mnetor!genat!mike From: mike@genat.UUCP Newsgroups: can.politics Subject: Re: lotteries Message-ID: <2043@genat.UUCP> Date: Fri, 12-Jul-85 10:48:34 EDT Article-I.D.: genat.2043 Posted: Fri Jul 12 10:48:34 1985 Date-Received: Sat, 13-Jul-85 01:42:05 EDT References: <2225@utcsstat.UUCP> Organization: Genamation Inc. (Toronto Ontario, Canada) Lines: 17 > In article <1243@utcsri.UUCP> clarke@utcsri.UUCP (Jim Clarke) writes: > > >the stupid". A rational person who knows something about probability and has > >alternative ways to improve his or her situation does not buy lottery tickets. > > Applying basic probability theory, it can be shown that for every > dollar invested in Wintario, the expected return is 47 cents. Conversely, > the expected return on the same dollar at the race track is 87 cents and > 93 to 95 cents at Las Vegas! > On the average, lotteries in this country provide a return of 42 > to 49 cents on the dollar. > Ah yes, but did you take into account the benifits derived from the Wintario funded Pools, Arenas, etc. which have come about due to the lottery? Mike Stephenson