Does it Pay to Buy the Pot in the Canadian 6/49 Lotto? Implications for Lottery Design
| Autor: | Moffitt, Steven D., Ziemba, William T. |
|---|---|
| Rok vydání: | 2018 |
| Předmět: | |
| Druh dokumentu: | Working Paper |
| Popis: | Despite its unusual payout structure, the Canadian 6/49 Lotto is one of the few government sponsored lotteries that has the potential for a favorable strategy we call "buying the pot." By buying the pot we mean that a syndicate buys each ticket in the lottery, ensuring that it holds a jackpot winner. We assume that the other bettors independently buy small numbers of tickets. This paper presents (1) a formula for the syndicate's expected return, (2) conditions under which buying the pot produces a significant positive expected return, and (3) the implications of these findings for lottery design. Comment: 24 pages, 1 figure, submitted to Decision Analysis |
| Databáze: | arXiv |
| Externí odkaz: |
|