magfrump comments on Winning the Unwinnable - Less Wrong
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Comments (51)
Wouldn't the expected value include such occurances?
Peter Liston, a prominent figure from MENSA in Melbourne back when I used to be a member there, used this as his primary form of revenue. (Australian slot machines not Vegas ones obviously). He objected somewhat to the term 'Professional Gambler', observing that once you do it professionally the term becomes very nearly oxymoronic. It's the only investment he makes that consistently makes money. Stockmarket investment is far less reliable than a known RNG over a significant number of rolls.
The expected value is a function of the jackpot, so it varies relative to the price of the ticket which is constant.
.... yes.
The expected value is also influenced by the number of other tickets purchased. Neglecting that would give you the wrong expected value (see CronDAS's caveat).
Rereading the comment chain I see that I was misreading your post the first time through. Sorry!