The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

"Entrepreneurs" who play lottery?

Accelerate wealth. Build a business that pays freedom. Join more than 70,000 entrepreneurs and register for the Fastlane Entrepreneur forum. Remove ads? Join the INSIDERS.

Galaxy16

Bronze Contributor
Read Millionaire Fastlane
Feb 4, 2018
300
152
85
26
Germany
What are known examples of entrepreneurs who pay what some people call the "fool tax"?
 

Vigilante

Legendary Contributor
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Oct 31, 2011
10,849
63,849
4,655
Gulf Coast
MJ once described (I think here on the forum and not in the book?) the buzz that people get from playing the lottery is the same buzz that an entrepreneur gets as the business is reaching critical mass. That is a poor paraphrase, but that same adrenaline for entrepreneurs can be sustained for much longer than the overnight dream of a lottery ticket purchase, and the odds for the entrepreneur are much stronger favorable.
 

minivanman

Platinum Contributor
Speedway Pass
Mar 16, 2017
1,723
4,433
999
51
DFW
I have a friend that makes like $10-$12 an hour. Almost every day he buys a $20 scratch off ticket (sometimes he buys the $50 ticket). I don't know how he does it but he wins almost every dang time! He atleast gets his money back. My wife on the other hand, buys a scratch off once or twice a year and if she wins a dollar..... WOOOHOOOOO it's party time! You would think she won a million! lol
 

Maxboost

Silver Contributor
I've Read UNSCRIPTED
Speedway Pass
Apr 4, 2016
403
848
314
41
Playing the lottery is sometimes +EV when the jackpot is paying more than the odds of winning. For example if you chances of winning is 1 in 49 million and the jackpot is $100 million, you should buy a ticket, in theory you will come out ahead.
 

Vigilante

Legendary Contributor
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Oct 31, 2011
10,849
63,849
4,655
Gulf Coast
I have a friend that makes like $10-$12 an hour. Almost every day he buys a $20 scratch off ticket (sometimes he buys the $50 ticket). I don't know how he does it but he wins almost every dang time! He atleast gets his money back. My wife on the other hand, buys a scratch off once or twice a year and if she wins a dollar..... WOOOHOOOOO it's party time! You would think she won a million! lol

He doesn't tell you about the losers.
 

Merging Left

Silver Contributor
Read Millionaire Fastlane
Speedway Pass
Jul 20, 2014
397
725
300
31
Playing the lottery is sometimes +EV when the jackpot is paying more than the odds of winning. For example if you chances of winning is 1 in 49 million and the jackpot is $100 million, you should buy a ticket, in theory you will come out ahead.
You're not factoring in the odds of having to split the prize.
 

Kak

Entrepreneurial Ambition and Economic Truth
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jan 23, 2011
7,443
32,629
4,554
Amerizuela
I have bought less than 10 lotto tickets in my life. Just for fun, and it really isn't that fun.

Not a big gambler. I was amazed in vegas by the people just willing to ding away their money in exchange for some lights and sounds. The mathematical advantage is with the house. If you played slots enough you would have nothing.

Betting in poker, golf and horse racing? That's a blast. A good social time. A game. Not gambling just to gamble.
 

msufan

Silver Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Mar 13, 2013
256
544
247
Okay... story time here. I look for +EV gaming opportunities, and my state lottery (Michigan) is one great example of that. As one example, when you first sign up, you can get a 50% deposit bonus up to $100. So you sign up, deposit $200, and actually receive $300. Then you have to play through the $300 before you can withdraw it. You play it through once on Keno (with an 87.5% rate of return), and if you're smart, you do it on a day when you get a special incentive to do so (play $25 and get $5 free!), and you will come out ahead. Even without special incentives, your EV on the original deposit bonus is +$62.50 plus any credit card bonuses you get for depositing the $300 on a card.

I made a few thousand bucks last year doing that sort of thing. They've tightened it up a bit this year, and I'll probably only pick up a little over a thousand bucks. But it's free, and for me, it's just a fun sort of game.

So there's at least one reason to play the lottery. Anyone in Michigan who is not taking advantage of this is just burning free money.
 

Sponsored Offers

  • Sticky
MARKETPLACE NEW: The Best School for Going Fastlane (Now open for summer enrollment)
Along with this I also worked on creating a Web Design book last year to help people starting...
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Any update? Hey bud! When I can squeeze out the time to work, it's been going pretty well...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
Hi Fox. Starting the book and got through the introduction. Had a conversation with Andy Black...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Chris is super sharp and is aware of many facets of entrepreneurship and can help get your...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
This month's promo code is MINDCONTROL Those who are subscribed to my new Youtube channel will...
  • Sticky
MARKETPLACE Entrepreneur's Toolbox: Company Formation, Virtual Mailbox, Registered Agent, Remote Online Notary
Appreciating the transparency and lack of hidden fees. The website is very up-front and user...
Introducing MJ's Personal Unscripted Network, Join Now for FREE!
Any chance to make it available outside of US? It has been available outside of the US on...

Forum Sponsor

Learn Fastlane Business Skills & Get Profitable Within 30 Days...

Get Started Now

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom