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There Was a Texas Lottery Arbitrage

I assume it is rarely a positive-expected-value play to buy every possible lottery ticket, but not never. For instance, here’s how Lotto Texas works:What this means is that weeks regularly go by with no winners: There are 25.8 million possible winning numbers and only 1 million tickets sold, so chances are good that no one will win. In 2024, for instance, there were 157 drawings and only two jackpot winners, who won $17.5 million and $29 million; by the end of the year the jackpot stood at $59.5...

Read more at bloomberg.com

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