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Lottery and Expected Value

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First published at 21:08 UTC on November 1st, 2018.

the.part.time.economist

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The 2018 Powerball drawings convinced many people to buy lottery tickets with hopes of winning big money. In reality, you are almost guaranteed to loose money on the lottery. Should you still play the lottery? In this video, I discuss the concept of expected value and argue that the lottery is not necessarily a waste of money as long as you are playing for entertainment and not considering it an investment. #powerball #lottery #statistics

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