Drakkith
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EmpaDoc said:Wow, just writing to note that my post has sparked quite a lively discussion where almost nobody replied "But on average you lose!".
The more I think of it, I realize that the important question - if you are really in it for the chance of winning - is not what the expectation value is, but what is the probability of winning big. Being ridiculously low, as it is for lotteries, you can only justify what you do by saying that you do it for the thrill.
As a pension plan, it is obviously idiotic.
I gamble to have fun, or for the 1 in a million chance of winning big in the case of lottery tickets. That's it. I don't play "to win big", as it is very very unlikely. I have made money gambling, usually by simply getting lucky one night and leaving while I am a few hundred up. Of course, this is offset by the times that I have left with a total loss.