|Posted: October 1, 2007, 2:41 pm - IP Logged|
"Bookies probably still take lottery bets and pay out at $600 to 1 because they know in the long run the percentages are in their favor. If only Tennessee would have hired a bookie to run its lottery."
This is true about them knowing the 'pc's' are in their fsvor (I never heard of $600 from a book but it depends where you are).
Bookies, race track operators, and casino onwers also know that they are in the ego business as well as the gambling business.
(I never heard of $600 from a book but it depends where you are).
When I first came to Lottery Post I was very skeptical of the 900 to 1 payoffs given by the Online betting sites.
Most work places with a large number of employees always have somebody with football parlays and where I worked, you could play the Pick-3 with some of those people. I never played the old numbers game but people were still playing it after the Pick-3 started. 600 to 1 was its payoff and that was the lottery payoff when it started and still is.
With the percentages on their side, the bookies and runners actually premoted play to get more volume. You could get $6 worth of play for $5; some runners would extend credit, and cash your paycheck.
MM and PB were created because they understand that player greed will overcome the logic of the huge odds against winning. While the matrix creates the huge annuity jackpots, I doubt anybody would play the Pick-3 with the bookies if they offered 900 or 600 to 1 payoffs where the players would get $30 or $20 each year for the next 30.