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Observation: Popularity of scratch-off lottery tickets remains high despite their low odds of winning.
Most people playing the game will eventually lose money, only a few will gain.Variations: A player can potentially win a large sum of money on the first play with some “luck” on their side.Experiment: 100 Texas Lottery scratch-off “Amazing 8’s” games costing $1 each will be purchased.20 games will be purchased from 5 seperate establishments.Amazing 8’s have odds of 1 in 4.65 games at least break even.—————————————————————————————— I withdrew $100 in cash from an ATM and bought 20 Amazing 8’s from each of these five establishments: Albertson’s, Chevron, Diamond Shamrock and Exxon.The odds prove that if you play long enough, you will lose 75% or more of your money.
Of course you can also win a lot of money, but it’s highly doubtful.
I just happened to buy the right tickets at the right time for this particular experiment, but if I repeated the experiment again, I would most likely not make a profit or break even.
The whole process took me an hour as some places I visited did not have Amazing 8’s. One is an American quarter and the other is a Canadian Quarter. The proud winners in all their glory, especially our champion: Mr. After the experiment was completed, I went to the grocery store to cash in my $102.
I’ve found that Canadian quarters are much better for scratching mass amounts of lotto tickets! I would scratch and scratch until I found a winner, which would then be placed inside the “Winner$” basket. I then proceeded to the Bank of America ATM and deposited the cash directly back into my investment account.
Scratching 100 lottery tickets is NOT as exciting as I thought. Next time I do gambling experiments, I’m goin’ ta Vagas. So I performed this experiment and MADE $2 and learned a little too! This “investment” of $100 was more of an experiment and should not be used as investment advice.
Anyone who invests their money in the lottery for purposes other than mild thrills and entertainment is (according to the odds) just dreaming.