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Author Topic: scratch-offs  (Read 542 times)
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« on: June 14, 2016, 01:36:56 pm »

just wondering what you guys thought about this

let's say you budget a small amount of money per week for playing scratch-offs

if you set aside enough of a percentage of your winnings to cover your initial investment, no matter how much you win should you just keep buying more tickets with your winnings?

after all, the worst that can happen is you'll be back where you started

some people say once you win the money it's yours, so you shouldn't treat it like money that can be spent without consequences

others say as long as you don't go in the hole, why not let the winnings ride since your odds of winning bigger prizes increase the more tickets you buy

just wondering if anybody has a strategy for this shit

I was thinking 2/7ths of my winnings set aside at each stage in betting.

so say you start off buying two $1 tickets and you win $7, so you set aside $2 of that and bet the remaining $5 on a ticket that wins you $8
so you set aside $2.29 of that, and you still have $5.71 to bet with
even if you lose what you have left to bet with, you'll still be up $2.29

and if you won $200 on the $5 ticket, you'd set aside $57.14, and play all the rest
even if you lost it you'd be up $59....

some people would say, "yeah, but you lost $140!!!! that's crazy"

but isn't it $140 I wouldn't have even had if I didn't bet anything?

the way I see it, being up $2.29 or $59 is 'up'. you only spent $2 of your own money to get there. why worry about the $140 you COULD have had...

you didn't have it before you spent the $2 after all...

whadya think?  embarrassed
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CallMeBronco
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« Reply #1 on: June 23, 2016, 10:37:25 pm »

you seem to be better with numbers than I am Jack, so I'd say, if you feel it's worth it and you won't lose your shirt; go for it.
Hell, there's probably people who are doing that already, though they might be few, and succeeding.
I think I told you before I know a guy online who quit his job to play poker professionally.  shocked

The guy who won the last big, big Lotto, you may have heard; was sort of rich to begin with. My co-worker told me this, I think it was on the news. He took out a loan for 30,000$ to buy some huge number of tickets. He won the mega million and obviously it more than covered the cost of the loan with interest. The jackpot at that time was like several hundred million I think.

I guess what they say is true: You gotta spend money to make money  wink T_Grin1

I'm too dumb and too much of a pussy to try any of this. Although someday I might anyway, honestly I'm sick of working. I'm a lazy ass and I really want to do nothing for the rest of my life  grin
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« Reply #2 on: June 23, 2016, 11:00:54 pm »

I overcomplicated it too much bronk

if you win $20 on a scratch-off, some people say you should keep all $20 and count yourself lucky

but the only way to win at scratch-offs is to buy scratch-offs...

so I, and others like-minded say that maybe it's good to set aside a certain percentage of your winnings so that as you win more and more you 'bank' more and more, so you'll never go below zero total

so if you budget $5 a week for scratch-offs, and you hit $20, you still have your $5/week budget, but now you have an extra $20?
what do you do with that? why not 'let it ride'? the age-old gambling question....

but I say, before you let it ride, tax it and set it aside.

that way, even if you somehow turn a $2 ticket into $500,000, but lose $402,000 on subsequent tries to win more, along the way you still pocketed $78,000 on an initial $2 investment...

I was just exploring the wisdom of those two approaches. and hoping someone outthere could prove to me with math why randomly buying a ticket and keeping what you win is better than putting your winnings back into play.

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