I Am Risk Averse When It Comes To Playing The Lottery. How About You?Prev Topic Next Topic

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THRIFTY

100

NEW YORK
United States
Member #90,531
April 29, 2010
13,286 Posts
Offline

Apr 17, 2013, 7:05 pm

I AM RISK AVERSE WHEN IT COMES TO PLAYING THE LOTTERY.

OUR REGULAR LOTTERY PROGRAMMING.

1) Playing the lottery more often for less lines= Playing a single line.

2) Playing the lottery less often for more lines= Playing multiple lines.

3) Playing the lottery less often for less lines= Playing a single line monthly or yearly.

4) Playing the lottery more often for more lines= Spending more money= Gambling addiction.

I SET A LOTTERY STOP LOSS LIMIT TO MINIMIZE MY LOSSES.

A lottery stop loss limit is very important to be a successful lottery player over the long term.

EVOLUTION AND TAKING RISKS TO SURVIVE.

"You can just quit, but I wouldn't bet on it.

You're right, they are way ahead of you on the lines, the lines are strategically based to guarantee the bookies a profit on the vig. Even before there were computers, they had it worked out as to how to balance the books to guarantee a profit, there's just too much of a margin. Also you aren't disciplined enough, even if you knew the exact probabilities you can over bet and run expectations in your favor and that's what you do when you're trying to regain your losses, after a loss your plays should go down not just a little but a lot, you have to be risk averse. If you knew the probabilities and could operate like a computer you could perhaps gain by strict money management but it isn't going to happen.

The reason why it won't happen is because you are human. We have evolved over millions of years to over bet, to assume too much risk. This is because evolution doesn't care if we individually survive so long as enough survive to continue the species so evolution wants us to take risks that almost guarantee individual failure on the basis that some in the population are successful and some in the population are not. That's why so many people play the lottery and some people do hit it rich but you are practically assured of losing your money when you play. The same is true of gambling and anything else where risk is involved, you are evolved to take risks that assure your individual defeat, you have to fight that any which way you can even if you're just investing for your retirement, with gambling the margins are tight, often guaranteed not to exist and you're almost certain to over bet. In investments there are certain guidelines such as a conservative or moderate portfolio where you can be fairly confident you're not over betting but even with that almost everyone over bets. You can't blame your self for gambling that's what millions of years of nature has set you up for but as a rational man you have to fight it with every waking moment." By JOHN W.
Ronnie316

100

United States
Member #116,263
September 7, 2011
20,243 Posts
Offline

Apr 17, 2013, 8:09 pm

I'm a friend of John W.
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
United States
Member #73,902
April 28, 2009
15,378 Posts
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Apr 17, 2013, 8:14 pm

I'm a friend of Jack D.
Ronnie316

100

United States
Member #116,263
September 7, 2011
20,243 Posts
Offline

Apr 17, 2013, 8:15 pm

Jack D. and Bill W. are NOT friends.
noise-gate

* In hot pursuit of $ *

White Shores- California
United States
Member #136,471
December 12, 2012
7,039 Posts
Offline

Apr 17, 2013, 8:25 pm

I'm friends with the guy who steps into the bar and says " All rounds are on me till closing time"

* Thrifty - its been said that when Bob Marley exited the plane in Zimbabwe on being invited to their Independence Celebration: he lit a joint.
THRIFTY

100

NEW YORK
United States
Member #90,531
April 29, 2010
13,286 Posts
Offline

Apr 17, 2013, 11:59 pm

Quote: Originally posted by noise-gate on Apr 17, 2013
I'm friends with the guy who steps into the bar and says " All rounds are on me till closing time"

* Thrifty - its been said that when Bob Marley exited the plane in Zimbabwe on being invited to their Independence Celebration: he lit a joint.

We are lighting money on fire by playing the lottery. LOL
sully16

25

Ringleader

Michigan
United States
Member #81,738
October 28, 2009
128,350 Posts
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Apr 18, 2013, 10:56 am

Quote: Originally posted by rdgrnr on Apr 17, 2013
I'm a friend of Jack D.

I am recovering from nicotine addiction, playing the lottery helps, I don't have money for those nasty , terrible, smelly cigarettes. Lottery has saved my lungs.
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
United States
Member #73,902
April 28, 2009
15,378 Posts
Offline

Apr 18, 2013, 12:32 pm

Quote: Originally posted by Ronnie316 on Apr 17, 2013
Jack D. and Bill W. are NOT friends.

What about John W?
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
United States
Member #73,902
April 28, 2009
15,378 Posts
Offline

Apr 18, 2013, 12:36 pm

Quote: Originally posted by sully16 on Apr 18, 2013
I am recovering from nicotine addiction, playing the lottery helps, I don't have money for those nasty , terrible, smelly cigarettes. Lottery has saved my lungs.

WTG, sully.

Been there, done that, my ownself too.

Weren't easy neither.
RJOh

100

mid-Ohio
United States
Member #9
March 24, 2001
20,272 Posts
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Apr 18, 2013, 12:37 pm

Quote: Originally posted by THRIFTY on Apr 17, 2013
We are lighting money on fire by playing the lottery. LOL

The fact that some players never see it again doesn't mean it's lost, some of it goes to the winners.

* you don't need to buy every combination, just the winning ones *
THRIFTY

100

NEW YORK
United States
Member #90,531
April 29, 2010
13,286 Posts
Offline

Apr 18, 2013, 1:43 pm

Quote: Originally posted by RJOh on Apr 18, 2013
The fact that some players never see it again doesn't mean it's lost, some of it goes to the winners.

THE LOTTERY AND THE STOCK MARKET ARE ZERO-SUM GAMES.

The lottery example:

A lottery is a "Zero-sum game". What one group of participants gains in cash, the other group of participants must lose. If we made a list of all the participants in a lottery, it might include:

1) Federal Government (Lottery winnings are taxable)
2) State Governments (Again lottery winnings are taxable)
3) State Governments (Direct share of lottery ticket sales)
4) Merchants that sell tickets (Paid by the lottery organizers)
5) Lottery companies (Hint: They are not doing all this for free)
6) Advertisers and promoters (Paid by the lottery companies)
7) Lottery ticket buyers (Buy lottery tickets and receive payouts)

The winners in the above list are:
1) Federal Government
2) State Government (Taxes)
3) State Government (Direct share)
4) Merchants that sell tickets
5) Lottery companies
6) Advertisers and promoters

And the losers are:
(Mathematically challenged and proud of it). By Durango Bill.
THRIFTY

100

NEW YORK
United States
Member #90,531
April 29, 2010
13,286 Posts
Offline

Apr 18, 2013, 1:48 pm

Quote: Originally posted by RJOh on Apr 18, 2013
The fact that some players never see it again doesn't mean it's lost, some of it goes to the winners.

HOW EVOLUTION FORCES US TO TAKE RISKS TO SURVIVE.

"You can just quit, but I wouldn't bet on it.

You're right, they are way ahead of you on the lines, the lines are strategically based to guarantee the bookies a profit on the vig. Even before there were computers, they had it worked out as to how to balance the books to guarantee a profit, there's just too much of a margin. Also you aren't disciplined enough, even if you knew the exact probabilities you can over bet and run expectations in your favor and that's what you do when you're trying to regain your losses, after a loss your plays should go down not just a little but a lot, you have to be risk averse. If you knew the probabilities and could operate like a computer you could perhaps gain by strict money management but it isn't going to happen.

The reason why it won't happen is because you are human. We have evolved over millions of years to over bet, to assume too much risk. This is because evolution doesn't care if we individually survive so long as enough survive to continue the species so evolution wants us to take risks that almost guarantee individual failure on the basis that some in the population are successful and some in the population are not. That's why so many people play the lottery and some people do hit it rich but you are practically assured of losing your money when you play. The same is true of gambling and anything else where risk is involved, you are evolved to take risks that assure your individual defeat, you have to fight that any which way you can even if you're just investing for your retirement, with gambling the margins are tight, often guaranteed not to exist and you're almost certain to over bet. In investments there are certain guidelines such as a conservative or moderate portfolio where you can be fairly confident you're not over betting but even with that almost everyone over bets. You can't blame your self for gambling that's what millions of years of nature has set you up for but as a rational man you have to fight it with every waking moment." By JOHN W.
THRIFTY

100

NEW YORK
United States
Member #90,531
April 29, 2010
13,286 Posts
Offline

Apr 18, 2013, 2:05 pm

Quote: Originally posted by RJOh on Apr 18, 2013
The fact that some players never see it again doesn't mean it's lost, some of it goes to the winners.

HOW TO WIN THE LOTTERY BY NOT PLAYING=SAVE YOUR MONEY TO PLAY THE LOTTERY SOMEDAY.

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I Am Risk Averse When It Comes To Playing The Lottery. How About You?Prev TopicNext Topic

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