Scratch-off tickets are to the lottery what crack is to cocaine.I had a good chuckle on this one. Obviously Mr. Shapleigh doesn't realize that all forms of lottery are really just a voluntary tax on people who are bad at math (statistics, generally, and probability in the specific sense).
- ELIOT SHAPLEIGH, Texas state senator.
Thursday, December 27, 2007
Fun Quote For The Day
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2 comments:
You can't lose if you don't play
When the odds are 7 million to 1, and the pot is $7 million, a $1 ticket looks like a dollar's worth of risk for $1 - an even bet - but it isn't because the payout of the $7 million takes place over 20 years. On a discounted cash flow basis, the prize is worth less than half the amount advertised.
It isn't just statistics or odds, the unsophisticated public is being robbed by state-sponsored fraud.
maybe he just understands crack better....
thank you for all of your wonderful blogging this year...and may you and your family have a wonderful holidays...and may we all have Peace and Good things in the New year....
namaste...
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