- Joined
- Feb 7, 2017
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Just as with all lotteries, raffles all depend on the ODDS and expected value (any one else play poker?).
Example:
- An item is worth 100$ and will be raffled with 20 tickets sold at 10$ each = You are getting screwed. You are paying 10$ for 1/20th of 100$ (5$) and basically loosing 5$ expected value every time you buy one of those tickets. You are relying on luck to win money against the odds (gambling).
- An item is worth 100$ and will be raffled with 9 tickets sold at 10$ each = You are getting good implied odds. You are paying 10$ for 1/9th of 100$ (11$) and basically winning 1$ expected value every time you buy one of these tickets.
You still might not win but understanding the implied odds for any lottery/raffle are the key to making good decisions. With that being said I doubt any online vendor ever offers good odds (also called an overlay) as they would be in effect "loosing" money and so I would stay away from any of those raffles.
Example:
- An item is worth 100$ and will be raffled with 20 tickets sold at 10$ each = You are getting screwed. You are paying 10$ for 1/20th of 100$ (5$) and basically loosing 5$ expected value every time you buy one of those tickets. You are relying on luck to win money against the odds (gambling).
- An item is worth 100$ and will be raffled with 9 tickets sold at 10$ each = You are getting good implied odds. You are paying 10$ for 1/9th of 100$ (11$) and basically winning 1$ expected value every time you buy one of these tickets.
You still might not win but understanding the implied odds for any lottery/raffle are the key to making good decisions. With that being said I doubt any online vendor ever offers good odds (also called an overlay) as they would be in effect "loosing" money and so I would stay away from any of those raffles.