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Old 11-27-2012, 02:04 PM #1
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scratch offs worth playing?

hey folks, i decided to try my dumb luck on a scratch off and well if the cash number was a 01 i could've won $1,000 but since my cash number was a 02 i lost $1 but anyway are they really worth risking small amounts of cash for a huge cash prize or just a way for the state to get your money?
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Old 11-27-2012, 02:05 PM #2
dub CRISP
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expected return is negative
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Old 11-27-2012, 02:06 PM #3
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save your money and go back to school, you need it since your dumb enough to play the lottery
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Old 11-27-2012, 02:17 PM #4
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As the amount of times you play approaches infinity the return becomes negative. Dave Ramsey calls it a tax on the poor.
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Old 11-27-2012, 02:17 PM #5
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I used to buy a scratch off every day during summer. I figured I could afford 90 dollars per summer, never won anything big
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Old 11-27-2012, 02:18 PM #6
dub CRISP
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Quote:
Originally Posted by I Have No Legs View Post
As the amount of times you play approaches infinity the return becomes negative. Dave Ramsey calls it a tax on the poor.
what do you mean "becomes negative"? most of the time the return is negative from the get go and only a few lucky souls ever get anything out of it.
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weanegro: its like a really tiny person eating a regular size gummy worm

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"Originally posted by komodo-117: our beloved pharmacudical companies"
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Old 11-27-2012, 02:19 PM #7
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save your money and go back to school, you need it since your dumb enough to play the lottery
I'm still in high school lol but anyway i'd thought i'd risk a low amount of money to on something worth a bigger prize lol guess i gotta wait for black friday of 2015 to go to a casino lol
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Old 11-27-2012, 02:21 PM #8
dub CRISP
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since you're still in highschool you probably don't know what expected return is.
for every $1000 ticket there are more than 1000 $0 tickets
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Old 11-27-2012, 02:21 PM #9
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There's a reason they call it an idiot tax. Don't do it, the odds are against your favor. You're more likely to be killed by falling airplane parts than to win the lottery.
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Old 11-27-2012, 02:25 PM #10
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The only time I played it ibwas given two and won $20, so yes tots worth it bruh
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Old 11-27-2012, 02:25 PM #11
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Quote:
Originally Posted by dub CRISP View Post
since you're still in highschool you probably don't know what expected return is.
for every $1000 ticket there are more than 1000 $0 tickets
that is true lol but they do say in some cases like buying a scratch off that sometimes the risk is worth the reward unfortunately the risking only a dollar wasn't worth the reward
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Old 11-27-2012, 02:28 PM #12
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I play with loose change. If I have a couple bucks in nickels and dimes I buy a few tickets. Never really win anything, but it's not like I'm losing much either.
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Old 11-27-2012, 02:37 PM #13
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Save your money and take a girl out on a date.
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Old 11-27-2012, 02:38 PM #14
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Quote:
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I play with loose change. If I have a couple bucks in nickels and dimes I buy a few tickets. Never really win anything, but it's not like I'm losing much either.
im the same way and i was surprise that when i went to the 7eleven where i got the scratch off at that they didn't check my ID to sell if i was 18+ guess the only two things they can card somebody one is alcohol and tobacco
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Old 11-27-2012, 03:16 PM #15
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I'm good at scratch offs, I'm probably the best on this whole forum. I win every time.
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Old 11-27-2012, 03:18 PM #16
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Quote:
Originally Posted by stalefishsk8er View Post
that is true lol but they do say in some cases like buying a scratch off that sometimes the risk is worth the reward unfortunately the risking only a dollar wasn't worth the reward
it's obviously worth the risk if you win but that's not the point.

here's a little lesson in statistics:

let's say you put down 1000$ in scratch off lotto tickets. pretty sure the chance of winning anything on a ticket is 1/4 chance. so your expected winnings are 250 dollars. it's not worth playing lotto. Gambling should never be done to earn money, it should only be done if you feel like having fun and have some spare money that you do not mind losing.
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Old 11-27-2012, 03:22 PM #17
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Quote:
Originally Posted by p8ntballoc11 View Post
it's obviously worth the risk if you win but that's not the point.

here's a little lesson in statistics:

let's say you put down 1000$ in scratch off lotto tickets. pretty sure the chance of winning anything on a ticket is 1/4 chance. so your expected winnings are 250 dollars. it's not worth playing lotto. Gambling should never be done to earn money, it should only be done if you feel like having fun and have some spare money that you do not mind losing.
naaa brah, those statistics are skewed as **** 'cause I've won like $2000 for like $250 worth of lotto tickets. Like I said, I got mad lotto skills
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Old 11-27-2012, 03:23 PM #18
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your dumb
ITT: Irony
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Old 11-27-2012, 03:24 PM #19
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^Now that's ****ing ironic!!!
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Old 11-27-2012, 03:25 PM #20
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Stock trading has better chances. Hopefully I am right, and buttoning down the hatch until the fiscal cliff puts all the stocks on sale, gives me a good position to buy it all up. One stock I invested, earned 20% the next day. I actually made $500 from $1000 in the end.

I am poor, but this is a good experience to have when I make more money.

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Old 11-27-2012, 05:07 PM #21
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GO UP DAMN YOU! Not sure if good idea to invest now going to wait and see how they plan to handle the cliff rather than sit on something and hope the economy doesnt dump again. What i dont understand is if the fiscal cliff were to hit say everyones income goes down. How do prices stay the same? Wouldn't we see some sort of deflation, big business would take a hit but im thinking they would take a bigger hit if they didnt lower prices.
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