Nev Shouldn't Read This

Nev

I won £10 on the lottery at the weekend.

That's me £9 up.

Excellent.

 

a won £100 yesterday

 

In theory you lost that bet.

Odds of getting 3 numbers = 57/1
Value of bet = 10/1

In fact playing the lottery only becomes profitable if the jackpot goes over £14m. Thats the only time you'll catch me playing it.

With Euromillions its never been profitable as the odds of winning are 76,000,000/1 and at £2 a ticket the jackpot would have to be £152m. Still though, I have a stab at anything over £50m cos that would be no bad

 

Frank, that makes no sense whatsoever!

 

In theory if he played the lottery 57 times he'd win a tenner but his outlay would be £57 with only £10 gained so all in all the best is unprofitable.

Its all about probability, and why the house always wins at the casino. Check roulette for an example, the green zero ensures the odds are always in favour of the casino and the longer the player plays, the more he loses.

Thats why gambling is for muppets.

 

You still don't get what I mean. You said that the euromillions is never profitable, as the jackpot has to be £152M, thats why you don't play it. Well, what happens if you win it in your 3rd attempt? Seems pretty profitable to me, but I've been wrong in the past, although never about gambling!

 

I think Frank's point is that at 76,000,000/1 you've got more chance of getting a tropical disease in Arbroath then getting munched by a Great White Shark in Loch Ness the day you get the all clear.

 

Its not a profitable bet in gambling theory because the odds of winning are vastly higher than the rewards.

However if you were to win a massive jackpot then you wouldnt give a flying **** about theory, thats why I play when it gets high enough. Anyone that gambles shouldnt include lottery tickets in their gambling fund but in their spare disposable cash.