Casinos And Lotteries
In the 1990s, the Irish National Lotteryhad a much smaller sample space–a much smaller possible combination of numbersthat could come up.In fact, there were about 1.94 million combinations.Each ticket costs 50p.So as a result, it would cost you less than a million poundsto buy up every single combination.And actually a syndicate headed up by an accountantgot thinking about this.And clearly most weeks, this is a pretty poor investment,because the jackpot would be maybe a few hundred thousand.And if you’re spending almost a millionto win a few hundred thousand, doesn’ttake much to spot that’s a pretty bad investment. Learn more about impact of luck in your game at CasinoSlots.
But if a rollover were to come around,maybe this could be plausible.And actually rather than stretching itto Dubai, if you lined up all of these ticketsand the combinations end-to-end, itwould actually stretch from London to Plymouth.So you’ve got something that’s a bit more doable.And what they started to do is collect together these ticketsand fill each one out by hand to get every single oneof these combinations.And then they waited.They waited for about six months until the May BankHoliday in 1992 when the rollover hit 2.2 million.And they put their plan into action.They took all these tickets they’dfilled out, started taking them to shops, and buying them up.And in many cases this raised some attention.So shops that would usually sale maybe a thousand ticketsin a week were suddenly selling 15,000.The Lottery perhaps expectantly, frowned upon this a little bitand tried to stop them.And as a result, when the lottery draw came around,they’d only bought 80% of the possible combinationsof tickets.So there’s still an element of luck as to whether they’dwin the jackpot.Fortunately for them, that jackpot’s winning setof numbers was within the combinationsthat they bought up.
So they won that week.Unfortunately, there were two other winners that week.So they had to split the jackpot.But when you added up all those lower tier prizesthat they match five numbers, four numbers as well,they walked away with a profit of 300,000 pounds.Now for me, years ago when I heard the story,that was just a fantastic illustrationof how you can take a pretty simple mathematical insight,a good dose of audacity and hard work,and convert it into something that’s profitable.And this isn’t the only instance that people havetargeted these kind of games.For the UK lottery, the draw is random.So really the only way you can guarantee a winis to use this brute force approach by simply buying upall of the combinations.But not all lotteries are the same.Take scratchcards, for example.On the face of it, scratchcards are completely random.If you think about it, they can’t be completely random.Because if you’re producing scratchcards,and you just randomly generate whichcards are going to be winners, there’sa chance that by sheer chance you willproduce too many winning cards.If you’re a company making scratchcards,you want some way of controlling and limitingwhich prizes go out.As statisticians will call it, you need controlled randomness.You want the prizes to be fairly uniformly, evenly distributedamongst the occasions.But you don’t want the generationto be completely random.