My Calc for Welfare Shift form Players to Corp for BGMM 2nd

Reply #4

Guest — Fri, 17 May 2002 01:04:16 GMT

Hey Gamma Ray, I bet you were one of those nerds who waited on line to see Episode 2 of Star Wars! How fast can a Millenium Falcon go? The people on this board don't understand your economic mumbo-jumbo! We are not educated like you. You are a nerd. You probably have Star Trek and Star Wars posters on your wall. The force is with me, DA

Reply #3

Gamma Ray — Thu, 16 May 2002 20:51:22 GMT

Please note there is not always fair gambling!The fair gambling payout amount is an intermediate step to check where there is welfare loss from BG player to BG MM lotto corp

Reply #2

RJOh — Thu, 16 May 2002 19:09:01 GMT

I don't know how you think the state lotteries should work, but in Ohio it is not meant to be one to one (fair gambling), it is used to add money to the state's general fund. Lottery players play the lottery knowing that half of the money goes to the state. If you want a one for one bet, gamble a dollar with your buddy.RJOh

Reply #1

Todd — Thu, 16 May 2002 17:29:29 GMT

I agree that the new 2nd tier prize should be higher. I think they should have made it $250,000 or $300,000 -- that would make things really interesting.I don't understand all your welfare comments though. I don't think welfare has to do with it in any shape or form. Welfare is a type of entitlement program, and the lottery is a voluntary game for entertainment purposes.-Todd

My Calc for Welfare Shift form Players to Corp for BGMM 2nd

Gamma Ray — Thu, 16 May 2002 17:15:38 GMT

Assume Fair Gambling!Payout =$ Bet x1/CombinationsPayout =$ Bet xOddBG 2nd Tier Price Should bePayout =$1 x1/2,179,296Payout =$2,179,296BG MM 2nd Tier Price Should bePayout =$1 x1/2,649,920Payout =$2,649,920BG Corp Adv %=($2,179,296 -$150,000)/$2,179,296=93.117%BG MM Corp Adv %=($2,649,920 -$175,000)/$2,649,920=93.396%Players advantage % is 100% -corp's adv %. As corp's adv % increase, players adv % decrease. Therefore, welfare loss form players to corp.If BG MM didn't ripe you off, corp's adv i... [ More ]