The lottery-playing demographic is an interesting one.

They are optimists, as they think they have a chance. Once I did the probabilities and concluded the chance of winning is similar to getting hit by a truck and struck by lightning simultaneously, I figured it would be a waste to play. Although some PhD guys once argued to me that when the pots are huge, the expected value of a ticket gets closer to 1 and it makes more sense to play.

The habitual lottery players don’t seem to have arguments like that and apparently also don’t surf the web much either.

Kudos to the NJ Lottery scamps for not pulling the tickets even though the scratcher-offers have NO chance at winning the big prize. Now THAT’s revenue maximization!

UPDATE: The commenter brings up a great point – in Virgina people are suing for something essentially similar.  Here’s an article: http://biz.yahoo.com/ap/080630/va_lottery_claim.html?.v=1 

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