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.
That's why you should add instead of multiply.
0.5 + 0.5 = 0.10
So the odds are even worse
Sorry i'm the boring guy. It is (more than) 20 times more probable to lose 100% than to win 2000% in most gambling.
And if you lost 100% of your money last time, then you're due to win 2000% this time.
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
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.
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.
Ah, my bread and butter… Thrill-seeking rich folk with a poor grasp of statistics and probability.
Manny Calavera, travel agent.
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.
