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- W2528003357 abstract "We report a new result on lotteries — that a well-funded syndicate has a purely mechanical strategy that earns excess returns in equiprobable lotteries having no prior carryovers added to the jackpots. The large investments required to deploy the strategy serve as a barrier to entry for the non-rich. The surprising prototypical case involves a zero-sum “fair” lottery in which a syndicate’s expected returns are typically in the range of 10% to 25% — in other words, if a syndicate and group of small players each contribute $x to the lottery pool, and 2 * $x is returned to winning ticket holders, the syndicate’s expected gain is about 1.25 * $x. For government-sponsored lotteries, expected returns are even larger if there are large carry-over funds added to the jackpot. This strategy has been deployed successfully in racetrack and jai lai lotteries that taxed bets at a 25% rate. Despite this onerous rate, one of the authors belonged to a syndicate that averaged returns of 25% per engagement. The strategy was used in a state lottery; there, the syndicate won a jackpot of about $16 million on a bet of about $5 million. No “irrationality” need be involved for the strategy to succeed — it requires only that small bettors each choose a few tickets independently and have heterogeneous opinions." @default.
- W2528003357 created "2016-10-14" @default.
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- W2528003357 date "2016-01-01" @default.
- W2528003357 modified "2023-09-28" @default.
- W2528003357 title "Can the Rich Get Richer (Spoiler Alert: Yes!)" @default.
- W2528003357 doi "https://doi.org/10.2139/ssrn.2848010" @default.
- W2528003357 hasPublicationYear "2016" @default.
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