When Are State Lotteries a Good Bet (Revisited)?

Eastern Economic Journal, 2001, vol. 27, issue 1, pages 55-70 Abstract: Because the jackpots in lotto games are potentially unlimited, it has been speculated that these lotteries may have a positive expected return for high jackpots. While most previous work has concluded that the lotto rarely presents a player with a positive expected return, this paper modifies previous payoff models and finds several cases where a positive expected return has existed.

Furthermore, contrary to the existing literature, purchasing every possible number combination for a particular lottery drawing increases the expected return to the purchaser and leads to further instances where state lotteries provide a fair bet. Keywords: Lotteries; lottery; lotto (search for similar items in EconPapers) JEL-codes: D81 L83 H27 (search for similar items in EconPapers) Date: 2001 View citations in EconPapers Track citations by RSS feed Downloads: (external link) http://college.holycross.edu/RePEc/eej/Archive/ ... more.

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