Almost anyone in the United States can play the lottery and lottery games come in many kinds.
Question:
Almost anyone in the United States can play the lottery and lottery games come in many kinds. You might be surprised at how many people dedicate $50 (or more) a week to playing lotto games. But can the game you choose significantly affect your chances of winning? For the next two exercises you will need to use the internet to find information. Choose a state which runs lotteries. Calculate your odds of winning if you spend $1 on an entry. Calculate your odds of winning if you spend $50 on an entry. Compare these odds to the odds of being in a car accident, plane crash, struck by lightning, or hit by a meteorite. (these numbers are out there so search for them!) While many states run lotteries, most prohibit individuals and businesses from doing so. Is that ethical? Court cases have held bartenders liable for serving alcohol to someone who is already drunk. Gambling is an addiction like alcohol. Should a state be liable for selling lotto tickets to a gambling addict? What view might people have of the Lottery if they combine an understanding of Statistics and Respect?
Essentials of Business Analytics
ISBN: 978-1285187273
1st edition
Authors: Jeffrey Camm, James Cochran, Michael Fry, Jeffrey Ohlmann , David Anderson, Dennis Sweeney, Thomas Williams