Gambling With the House’s Money to Win the Lottery

December 23, 2016

Have you ever thought about gambling with the house’s money to win the lottery? It’s kind of like a strategy that some people successfully use in blackjack at the casino. Basically, what they do is bet a constant bet on each hand and when they win they double their bet on the next hand; in that next hand, they are, essentially, playing their regular bet, plus what the house gave them on their last hand. So, they are betting with the house’s money.

How could you take that blackjack strategy to win the lottery? Let me explain in an example. I’ll use the Lotto 6/49 lottery in Canada as my example, which costs $2 to play. The odds of winning Lotto 6/49 when you buy just one ticket is approximately 1-in-14-million.

Let’s say you buy one Lotto 6/49 ticket every Saturday. That means you gamble $2 per week. So, you are prepared to lose $2 every week. Your odds of winning the jackpot on any particular week would be 1-in-14-million. But, there are smaller prizes to be won. Let’s say you match 3-out-of-6 numbers to win $10. If you use the strategy of gambling with the house’s money to win the lottery, you would take that $10, plus the $2 your normal bet to buy $12 worth of tickets the following Saturday. That means you would buy six tickets ($12 divided by $2 per ticket). Do you know what happens to your odds when you buy six tickets instead of one? The odds get better. The odds of winning Lotto 6/49 with six tickets would be approximately 1-in-2.3-million. Much better than 1-in-14-million, right?

Of course, if you match 4-out-of-6 numbers, you’d win more, maybe around $70. If you took that $70 that the house paid you, plus your usual $2, you could buy 36 Lotto 6/49 tickets. Your odds of winning the jackpot would then be bettered to approximately 1-in-389,000.

If you match 5-out-of-6 numbers you’d win around $1500. Take that, plus your usual $2 and you could buy 751 Lotto 6/49 tickets. Your odds of winning the jackpot would then be approximately 1-in-19,000.

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