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

Topic closed. 12 replies. Last post 4 years ago by THRIFTY.

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NEW YORK
United States
Member #90535
April 29, 2010
11983 Posts
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Posted: April 17, 2013, 7:05 pm - IP Logged

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.

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PLAY THE LOTTERY SOMEDAY-IT IS OKAY TO DREAM!


    United States
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    September 7, 2011
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    Posted: April 17, 2013, 8:09 pm - IP Logged

    I'm a friend of John W.

      rdgrnr's avatar - walt
      Way back up in them dadgum hills, son!
      United States
      Member #73904
      April 28, 2009
      14903 Posts
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      Posted: April 17, 2013, 8:14 pm - IP Logged

      I'm a friend of Jack D.


                                                   
                           
                                               

       

       

       

       

                                                                                                         

      "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                  --Edmund Burke

       

       


        United States
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        Posted: April 17, 2013, 8:15 pm - IP Logged

        Jack D. and Bill W. are NOT friends.

          noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
          Bay Area - California
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          December 12, 2012
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          Posted: April 17, 2013, 8:25 pm - IP Logged

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

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

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            NEW YORK
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            April 29, 2010
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            Posted: April 17, 2013, 11:59 pm - IP Logged

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

            * 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

            US Flag

            PLAY THE LOTTERY SOMEDAY-IT IS OKAY TO DREAM!

              sully16's avatar - sharan
              Ringleader
              Michigan
              United States
              Member #81740
              October 28, 2009
              40611 Posts
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              Posted: April 18, 2013, 10:56 am - IP Logged

              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.

              Did you exchange a walk on part in the war ?

              For a lead role in a cage?

               

                                                          From Pink Floyd's " Wish you were here"

                rdgrnr's avatar - walt
                Way back up in them dadgum hills, son!
                United States
                Member #73904
                April 28, 2009
                14903 Posts
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                Posted: April 18, 2013, 12:32 pm - IP Logged

                Jack D. and Bill W. are NOT friends.

                What about John W?


                                                             
                                     
                                                         

                 

                 

                 

                 

                                                                                                                   

                "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                            --Edmund Burke

                 

                 

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
                  United States
                  Member #73904
                  April 28, 2009
                  14903 Posts
                  Offline
                  Posted: April 18, 2013, 12:36 pm - IP Logged

                  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.


                                                               
                                       
                                                           

                   

                   

                   

                   

                                                                                                                     

                  "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                              --Edmund Burke

                   

                   

                    RJOh's avatar - chipmunk
                    mid-Ohio
                    United States
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                    March 24, 2001
                    19831 Posts
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                    Posted: April 18, 2013, 12:37 pm - IP Logged

                    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 more tickets, just buy a winning ticket * 
                       
                                 Evil Looking       

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                      Posted: April 18, 2013, 1:43 pm - IP Logged

                      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.

                      US Flag

                      PLAY THE LOTTERY SOMEDAY-IT IS OKAY TO DREAM!

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                        NEW YORK
                        United States
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                        April 29, 2010
                        11983 Posts
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                        Posted: April 18, 2013, 1:48 pm - IP Logged

                        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.

                        US Flag

                        PLAY THE LOTTERY SOMEDAY-IT IS OKAY TO DREAM!

                          Avatar
                          NEW YORK
                          United States
                          Member #90535
                          April 29, 2010
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                          Posted: April 18, 2013, 2:05 pm - IP Logged

                          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.

                          US Flag

                          PLAY THE LOTTERY SOMEDAY-IT IS OKAY TO DREAM!