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<blockquote data-quote="Fedupwiththecraphere" data-source="post: 1994827" data-attributes="member: 706138">A &quot;higher chance to win&quot;?What does THAT mean?Explain, please.My point: &quot;10000 dollars each time&quot; is meaningless unless you relate it to the specifics of the lottery such as the cost of a chance and the number of chances available.If you enter a &quot;pick a number from 1 to 1,000,000&quot; lottery, and each ticket costs $1, then 1 ticket will give you a 1 in a million chance of winning. Buying 10,000 tickets will cost you $10,000 and give you 1 chance in 100 of winning.Buying 1,000,000 tickets will cost you $1,000,000, but it will guarantee a 100% chance of winning.The 2 main problems of that are that the payout is parimutual (more than one person can pick the winning number, and the calculated total win is split evenly among the multiple winners) and the payout is always less than 1:1, IOW, the &quot;house&quot; takes a cut and that cut can be VERY substantial.The ONLY way you can consistently win at gambling is to BE the house. Players are mathematically destined to lose.Let me put this another way: There is ALWAYS at least 1 winner in a lottery. But the money he gets off that win has been paid for by MILLIONS of losing tickets.</blockquote>

[QUOTE="Fedupwiththecraphere, post: 1994827, member: 706138"] A "higher chance to win"? What does THAT mean? Explain, please. My point: "10000 dollars each time" is meaningless unless you relate it to the specifics of the lottery such as the cost of a chance and the number of chances available. If you enter a "pick a number from 1 to 1,000,000" lottery, and each ticket costs $1, then 1 ticket will give you a 1 in a million chance of winning. Buying 10,000 tickets will cost you $10,000 and give you 1 chance in 100 of winning. Buying 1,000,000 tickets will cost you $1,000,000, but it will guarantee a 100% chance of winning. The 2 main problems of that are that the payout is parimutual (more than one person can pick the winning number, and the calculated total win is split evenly among the multiple winners) and the payout is always less than 1:1, IOW, the "house" takes a cut and that cut can be VERY substantial. The ONLY way you can consistently win at gambling is to BE the house. Players are mathematically destined to lose. Let me put this another way: There is ALWAYS at least 1 winner in a lottery. But the money he gets off that win has been paid for by MILLIONS of losing tickets. [/QUOTE]

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