It's fifty fifty. Either you win money, or you don't.
Just got two Powerball tix for tonight, thanks! Since one ticket is 50%, two should basically guarantee I win!
Gonna go kick my boss in the balls and walk out, should be fine, right? Probably.
two tickets actually lowers your odds
50% x 50% = 25%
That's the odds to win both. Op need one of them only.
Go cast your fancy magic someplace else.
That's why you should add instead of multiply.
0.5 + 0.5 = 0.10
So the odds are even worse
I see no flaws here.
Correct. Do it like Homer and use you boss's head as bongos.
That would imply the one organising the gambling isn't taking a cut.
Nah you're wrong
Sorry i'm the boring guy. It is (more than) 20 times more probable to lose 100% than to win 2000% in most gambling.
Actually it's 50%. Either you win or you don't: 50%.
/s
You're going to get us kicked out of the casino talking like that!
That's just what the casinos want you to think. They don't want you taking their money!
And if you lost 100% of your money last time, then you're due to win 2000% this time.
simultaneously laughs and sobs in leveraged investments
Leveraged "investments".
Why stop at 2000%
There's this thing, called debt tho...
not if you gamble for long enough
statistically the longer you gamble, the higher the chance that you'll win and make your money back, it's math bro
Lottery and gambling are taxes on emotionally weak people who can't do math.
Lotteries unique selling point is hope.
Isn't it telling that our society has to gamble on hope because there is a perception of no other chance?
Sure, but the hope is a result of the first two issues.
They can't do the math so they think there is a chance. And because they WANT there to be a chance they ignore every time they lose.
I know you have a point, a good one, Lotteries cater to the vulnerable etc. - but you are wrong in one aspect: There are winners, in every lottery, and that's what fuels the hope.
Even small chances are chances. It's that simple ;)
When did I say there weren't any winners? I said people think there's a chance that they might win personally. And you can state the gamblers fallacy any way you like, the fact that there are winners in a lottery has nothing to with the chances of winning personally. Bad at math, bad at logic, too emotional, call it anything you like. Any hope is a result of these flaws, not the cause.
https://www.palomar.edu/users/bthompson/Gambler%27s%20Fallacy.html
Probably more likely to turn 20$ into a fortune playing the lottery than most other ways you could invest it.
Honestly, chances might be extremely low. But if all it takes is a couple of bucks sometimes to maybe win even 1000, I'd take it.
They know, that's their target audience. Desperate people.
Ah, my bread and butter… Thrill-seeking rich folk with a poor grasp of statistics and probability.
Manny Calavera, travel agent.
There's theoretically no upper limit of how much you can increase your money.
I mean, at a certain point you'll end up devaluating the currency to the point that the economy collapses, but that's a later problem.
That's how you sell monkey pictures my man now let's all go do coke until we get divorced, Leo will be there
Don't forget that you lose 3% to inflation every year, and even more when we are in hyper-inflation like we are now.
Gambling in Wall Street's Casino is, by design, the only way to have a chance not to lose money.
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