Does it Pay to Buy the Pot in the Canadian 6/49 Lotto? Implications for Lottery Design

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Tác giả: Steven D Moffitt, William T Ziemba

Ngôn ngữ: eng

Ký hiệu phân loại: 174.6 Gambling business

Thông tin xuất bản: 2018

Mô tả vật lý:

Bộ sưu tập: Metadata

ID: 161739

Comment: 24 pages, 1 figure, submitted to Decision AnalysisDespite its unusual payout structure, the Canadian 6/49 Lotto is one of the few government sponsored lotteries that has the potential for a favorable strategy we call "buying the pot." By buying the pot we mean that a syndicate buys each ticket in the lottery, ensuring that it holds a jackpot winner. We assume that the other bettors independently buy small numbers of tickets. This paper presents (1) a formula for the syndicate's expected return, (2) conditions under which buying the pot produces a significant positive expected return, and (3) the implications of these findings for lottery design.
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