People think that the lottery is a game of luck, but in reality, it is a game of math and logic. Too few people know about the tactics of lottery and hence hold lesser chances of winning it.
Most people avoid using the lottery as an option to earn money. Gambling is a game of maintaining a balance between ‘expected value’ and ‘odds.’ So, some people use their math skills to increase the odds of acing the gamble.
Here are some tips from such math wizards to help you out with the lottery!
Leave the odds, focus on your expected value: Well, the expected value is the long-term value of anything in the game of gamble. For example, if you and your friends take a pack of cards (only numbers) and place a bet. You win two bucks if it’s an odd number, and you owe one buck if it’s an even number. Now it’s apparent that this bet is suitable for a long term game. However, we can explain this with math, as well.
There’s a 0.5 probability of the card being odd, and a 0.5 probability of the card being an even number. Calculating the odds: 2(0.5) + (-1)(0.5) = 0.50
Tadaa! So if you have someone to play this game with, do not miss a chance.
Pool your resources: A lottery pool is another place to win money. Many workplaces have this system of lottery pools where people pool in their money to buy a bunch of tickets, and the amount is distributed evenly among the contributors if any of those tickets is a winner! However, your expected value is reduced in the pooling strategy. But your odds of winning improve drastically. Just make sure to adhere to all the legal formalities whenever you contribute to a lottery pool.
Let your machine work for you: A little weird to understand, but humans are terrible at picking random numbers. We tend to pick essential dates, memorable days, or lucky numbers. The chances are that some other person has chosen the same number as you, and if that is the case, you’ll have to split your winnings. Here, your EV reduces by 50%. However, if you let the computer pick your game, the chances are that it will actually choose a random number, and your EV will not decrease.
Don’t leave your tickets unsigned: An essential thing to remember! Unsigned tickets are a treasure to those who haven’t purchased them. If you get a winning ticket but leave it unsigned, the chances are that someone else will claim them as there is no evidence of the ticket belonging to you. So sign your ticket as soon as you get it!
Avoid these tips: Avoid number tracking, picking the same numbers every time, and wheeling. Number tracking and selecting the same number over and over again is not at all advisable in gambling. The casino just doesn’t care about your anniversary date!
You now know of some tips to follow to increase your chances of winning a lottery!