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Why does group play equalize a lottery's actual Expected Value to the effective Expected Value? [closed]

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Closed as off topic by Peter Taylor‭ on Sep 20, 2024 at 07:30

This question is not within the scope of Mathematics.

This question was closed; new answers can no longer be added. Users with the reopen privilege may vote to reopen this question if it has been improved or closed incorrectly.

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

My advice to players is to never buy Lotto Max and Lotto 649 tickets on their own. The effective expected value is very low. But for group play, the only games groups should play are Lotto Max and Lotto 649. The larger than average jackpots results in an expected value much larger than average. Given the jackpot is shared, the actual expected value is equal to the effective expected value.

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?

lottery
posted 2 months ago
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It's not reasonable to expect people on this website to define terms which appear to have been invent... (1 comment)

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