You may wonder why lotteries flourish when odds are generally terrible against the player. Lotteries often pay off as little as 60 cents on the dollar. Whether legal or not. So why bother playing?
A little more than $90 Billion is spent each year on legalized gambling in the U.S. The illegal amount probably surpasses this enormous figure.
Where bookies pay off in tax-free cash and the better is illegally laundering money, poor odds are reduced in favor of the bettor. Then the gambler’s net is actually much higher.
But then such a gambler is also betting on a possible stiff fine or jail sentence if caught by tax authorities. ( See the Earl J Weinreb NewsHole® comments.)
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