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Global War on Terror Version 6 - Perpetual Motion Machine

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  • #496
    Re: Global War on Terror Version 6 - Perpetual Motion Machine

    Originally posted by The Sicatoka View Post
    Are you figuring in the cost of the trip to Vegas/AC/Biloxi?
    You mean the ten bucks in gas it takes for me to get to the nearby full casino and back?

    Comment

    • #497
      Re: Global War on Terror Version 6 - Perpetual Motion Machine

      Originally posted by FreshFish View Post
      I wish I could remember the text from a classic lottery commercial. People were discussing investments, and one person said, "I prefer a highly speculative venture with a low capital outlay and high upside potential."

      Buying lottery tickets is an inexpensive form of entertainment. I don't think the word "invest" applies.


      My rate of return is > - 100%, I won $7 once and $4 twice. $1 or $2 whenever there is a big jackpot; not a weekly playa.
      I actually took the time one day to calculate the house advantage for New York City-state's Quick Draw (essentially Keno for the uninitiated), and depending on how many numbers you play, it's between 40-50%. The amount of numbers with the second worst chances of winning is actually the second-best house advantage. I'm sure other lotteries are just as bad.

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      • #498
        Re: Global War on Terror Version 6 - Perpetual Motion Machine

        Getting back on topic.......how's that Yemen thing working?

        Yemen President Abed Rabbo Mansour Hadi has resigned under pressure from Shiite rebels who seized the capital in September and have confined the embattled leader to his home for the past two days.
        Growing old is mandatory -- growing up is optional!

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        • #499
          Re: Global War on Terror Version 6 - Perpetual Motion Machine

          Originally posted by SteveP View Post
          Getting back on topic.......how's that Yemen thing working?
          Been listening to this unfold on the Beeb. It's a five man gunfight, at least.
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          • #500
            Re: Global War on Terror Version 6 - Perpetual Motion Machine

            "The lottery is a tax on poor people and people who can't do math"
            Dave Ramsey
            Originally posted by Priceless
            Good to see you're so reasonable.
            Originally posted by ScoobyDoo
            Very well, said.
            Originally posted by Rover
            A fair assessment Bob.

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            • #501
              Originally posted by Bob Gray View Post
              "The lottery is a tax on poor people and people who can't do math"
              Dave Ramsey
              oddly it seems like a lot of older people play, and here at least the proceeds go to helping the elderly.

              So they are self funding their government aid.
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              • #502
                Re: Global War on Terror Version 6 - Perpetual Motion Machine

                Originally posted by Bob Gray View Post
                "The lottery is a tax on poor people and people who can't do math"
                Dave Ramsey
                If the poor people can do math, they aren't necessarily taxed.

                Lotteries supposedly fund schools in New York City-state. I somehow believe that has to be a fairly small percentage...

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                • #503
                  Re: Global War on Terror Version 6 - Perpetual Motion Machine

                  Originally posted by JF_Gophers View Post
                  oddly it seems like a lot of older people play, and here at least the proceeds go to helping the elderly.

                  So they are self funding their government aid.
                  The older people around here **** away their social security check at the slot machines.

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                  • #504
                    Re: Global War on Terror Version 6 - Perpetual Motion Machine

                    I buy $10 worth of tickets when the power ball hits half a billion. Pot odds and whatnot.
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                    • #505
                      Re: Global War on Terror Version 6 - Perpetual Motion Machine

                      Originally posted by dxmnkd316 View Post
                      I buy $10 worth of tickets when the power ball hits half a billion. Pot odds and whatnot.
                      Still a negative expected value.
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                      • #506
                        Re: Global War on Terror Version 6 - Perpetual Motion Machine

                        If everyone knew how bad the odds were and didn't play, wouldn't the odds then improve greatly for games based on number of entries?

                        Catch 22!
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                        • #507
                          Re: Global War on Terror Version 6 - Perpetual Motion Machine

                          Originally posted by FlagDUDE08 View Post
                          Lotteries supposedly fund schools in New York City-state. I somehow believe that has to be a fairly small percentage...
                          You may be right
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                          • #508
                            Re: Global War on Terror Version 6 - Perpetual Motion Machine

                            Originally posted by Kepler View Post
                            Still a negative expected value.
                            How do you figure? I don't recall the exact odds, and lottery sites are prohibited here (network filters and all), so I can't find those exact odds, but the Powerball is something like 1:279,000,000. If the max payout is $500MM, then you're about 1:1 after taxes are taken out.
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                            • #509
                              Re: Global War on Terror Version 6 - Perpetual Motion Machine

                              Originally posted by St. Clown View Post
                              How do you figure? I don't recall the exact odds, and lottery sites are prohibited here (network filters and all), so I can't find those exact odds, but the Powerball is something like 1:279,000,000. If the max payout is $500MM, then you're about 1:1 after taxes are taken out.
                              Two things to remember:

                              1. Estimated annuitized jackpot; lump sum is half of that.
                              2. You must divide that by the number of winners.
                              3. Some lotteries make the grand prize a percentage of said jackpot (usually 75%).

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                              • #510
                                Re: Global War on Terror Version 6 - Perpetual Motion Machine

                                Originally posted by JF_Gophers View Post
                                If everyone knew how bad the odds were and didn't play, wouldn't the odds then improve greatly for games based on number of entries?

                                Catch 22!
                                I'm sure the number and size of prizes would be scaled to match the lower participation rates. They won't set up odds where they give out more than they take in. These things are set up to make money for the government to fund various things. Therefore you have to pay out less than you take in to get those funds. Like, to give an extreme example, if only a thousand people bought Powerball tickets, I'm sure the grand prize would be very small.
                                Originally posted by Priceless
                                Good to see you're so reasonable.
                                Originally posted by ScoobyDoo
                                Very well, said.
                                Originally posted by Rover
                                A fair assessment Bob.

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