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07-31-2012, 11:37 PM
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#1 |
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Member
Join Date: Jul 2011
Location: West Chester
Posts: 427
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MIT Students Outsmart Lottery Officials for ~3.5 million Profit
You can read the Office of Inspector General's Full Report on the case here if you'd like.
http://www.mass.gov/ig/publications/...-july-2012.pdf Pretty awesome they figured out that there are certain times that a lotto ticket in that specific game has a +EV$ due to the roll down process of the payouts. As someone who always laughs about the lottery being nothing more than a tax on the poor bc every ticket I had ever seen had a negative expectation, I think it's really cool a group of people found a way to turn a legit profit. Yes it took a specific set of circumstances due to a stupidly structured and flawed payout system that led to each ticket being worth a ~12-15% more than it cost, but more power to them for making a massive amount of $ off it. Pretty interesting stuff in the pdf too about the logistics that go in to buying anywhere from 200,000 to even 700,000 lotto tickets for one drawing.
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Newsflash! Joey Votto does not care about RBI. NEITHER SHOULD ANY OF US |
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08-01-2012, 07:31 AM
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#2 |
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Miami Redhawks
Join Date: May 2006
Location: Cincy
Posts: 2,247
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Re: MIT Students Outsmart Lottery Officials for ~3.5 million Profit
That's amazing. I read about a third of the article and found it very interesting. I'll read the rest later. Thanks for sharing.
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"....the two players I liked watching the most were Barry Larkin and Eric Davis. I was suitably entertained by their effortless skill that I didn't need them crashing into walls like a squirrel on a coke binge." - dsmith421 www.kylevoska.com - Golfer? Check out my blog for golf tips. |
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08-04-2012, 12:53 PM
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#3 |
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Member
Join Date: Aug 2002
Posts: 159
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Re: MIT Students Outsmart Lottery Officials for ~3.5 million Profit
Wow that is fascinating - I'd love to see a movie about this story. Thanks for the link.
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