Comments on Why does group play equalize a lottery's actual Expected Value to the effective Expected Value?
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Why does group play equalize a lottery's actual Expected Value to the effective Expected Value? [closed]
Closed as off topic by Peter Taylor on Sep 20, 2024 at 07:30
This question is not within the scope of Mathematics.
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My boss acknowledges that "the expected value of buying a ticket is negative, or that winning is so unlikely that buying a ticket is a bad investment."
But she still wants me to join the lottery office pool. As supporting evidence, she cites
I link to odds and payouts for Lotto Max and Lotto 649.
I understand just the first 3 sentences. I know what expected value (EV) is, but
what's ACTUAL EV??? EFFECTIVE EV???
Why does Group Play make the actual EV equal to the effective EV?
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