Tuesday, March 6, 2012

How does a lottery syndicate work? Why does it "increase" the chance of winning?

I know a group of people come together and put forward their contributions thereby "increase their chances" of winning, but how does the maths work?



I mean, if 1000 people is a member of a syndicate how is this more of an "advantage" (as claimed by syndicates) compared to if each one of them goes and buy a ticket for themselves?



Thanks.How does a lottery syndicate work? Why does it "increase" the chance of winning?
Expected value is the same.



But if you've got a piece of 1000 tickets, then you've got 1000 different chances to win. If you win, you'll only win 1/1000 of the prize, instead of the whole thing, but if the prize is big enough, then even 1/1000 of the pool might be worth it to you.



How does a lottery syndicate work? Why does it "increase" the chance of winning?
The advantage they speak of is just that which you described in the 1st sentence. There's no other benefit - just the ability to get in with a pool of players.

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