Scientific American 202504 Is the Lottery Ever a Good Bet? Summary
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Lottery tickets are famously poor investments, but the mathematics is subtler than that slogan suggests. Under rare circumstances, a jackpot can grow large enough to give a ticket a positive expected value. Even then, however, the bet may remain irrational for an individual. The distinction reveals both the power of expected value and the limits of reducing a life-changing gamble to a single average.
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