Write Review
1,980,743 Total Reviews 3,514 New Reviews
6,781 Users Online

Sports Talk

Gamblers make $8 million profit in 7 years playing the...
BigPapasan 3 Reviews 1665 reads
posted

...Massachusetts lottery.  Some math wizards figured out that when the jackpot reached $2 million, they could win it by buying $100,000 worth of tickets.  They spent $40 million over 7 years and wound up with $48 million.  All perfectly legal.

Related Link: I shoulda paid attention in math class

BigPapasan423 reads

...or only about 3% a year.  Still, $8 million isn't anything to sneeze at.

Whew, I had to use ALL my fingers and toes to figure that one out.

ReplyQuoteReport
JLWest506 reads

There is no way to figure their return. It could be as high as 400 to 1,500%.

If they won the 2 million prize on the first $100,000 of tickets they bought the whole operation could have been self funding without any out of pocket.

Then you have the pay schedule of the lottery. How many $3, 5, 10, $25 dollar winners do you get out of 100,000 tickets which would cut your cost and up you yield, not to mention the timing of those wins.    

ReplyQuoteReport
Post Reply Back To Forum
Register Now!