Thanks for a fun read! Jordan Ellenberg has a chapter on lotteries in his book How Not To Be Wrong. He describes how Voltaire, as a young man, made his fortune using a group strategy to take advantage of a flaw in the lottery in France. It took a while for the government to catch on (long before computers and the internet). They fixed the problem, but not before Voltaire became rich. As you point out, his winnings were paid by the other bettors, so the state’s earnings were not affected at all. — By the way, I have never bought a lottery ticket or gambled (outside of owning securities in my retirement plan), because it is indeed a sin against our creator. 😎
When I saw the title of your piece, I thought you were going to say, “buy all of the tickets.”
Thanks for a fun read! Jordan Ellenberg has a chapter on lotteries in his book How Not To Be Wrong. He describes how Voltaire, as a young man, made his fortune using a group strategy to take advantage of a flaw in the lottery in France. It took a while for the government to catch on (long before computers and the internet). They fixed the problem, but not before Voltaire became rich. As you point out, his winnings were paid by the other bettors, so the state’s earnings were not affected at all. — By the way, I have never bought a lottery ticket or gambled (outside of owning securities in my retirement plan), because it is indeed a sin against our creator. 😎
Never heard the Voltaire stuff. Guess I better read more
I’ve always considered the lottery to be a tax on stupidity. That said, I’m good for a few bucks every once in a while.