Home › Forums › Other › When buying lottery makes sense, › Expected value isn’t useful
Expected value isn’t useful when the probabilities are very small or the payoffs extreme.
As for the rich people not buying all the numbers, it’s not because they can do math, it’s because the cost and time of doing it is excessive.
And, the odds of multiple winners is calculable. It’s just additional statistics. Purchased tickets are porportional to jackpot size.
Buy for the fun of it. Like you buy a donut or Starbucks for the occasional enjoyment.
But the biggest question is after I win, will I have enough money to buy my own politician?
