|Posted: December 27, 2014, 2:24 pm - IP Logged|
WOW ... PA just had their own little El Gordo in December !
I agree I wasn't expecting those kind of payouts ... I would have easily bought ten more tickets for $50 ... just getting two numbers on one ticket would still show a profit. I was like everybody else, maybe only expecting a few extra dollars ... just didn't have any idea the payments would be increased that much.
Another missed opportunity ...
Tell me about it! I haven't heard of +EV scenario like this since the Massachusetts Cash WinFall ordeal. Wish I was closer to PA; I would've dropped a couple thousand or rounded up some investors to put the Law of Large Numbers to test. All in hindsight though, since I didn't believe they would actually pay an excess.
As for where the funds came from, PA Lottery likely just absorbed the loss as cost of doing business.
It's also possible the funds came from a designated marketing pool that lotteries are allocated to advertise the game or award ticket bonuses locally (BOGO deals and so on). The excess amount was only a bit over $1,000,000 which is just too convenient to be an accumulated jackpot contribution etc.
I still find this all strange though. To my knowledge, everyone else paid the same amounts. A post on FB mentioned that a MMC rep contacted via phone said there were no plans to redistribute any excess monies. Makes me wonder if PA realizes this.
If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?
2017: 0% (0 tickets)
P&L % = Total Win($)/Total Wager($) - 1