August 3, 2011

Gamblers Successfully Play Odds, Beat Lottery

MSNBC:

"Massachusetts has restricted ticket purchases for one of its lottery games after the Boston Globe reported that high-stakes gamblers had discovered a way to game the system due to a loophole."

What they did is akin to card counting in a blackjack game. Not a loophole, just observant gamblers exploiting the rules of the game. The state lottery commission created a game that automatically improved the bettor's odds after several weeks of no jackpot wins. Some gamblers bet heavily when the "deck" was stacked in their favor, and cleaned up.

This has been going on since 2005. That game will be retired next year. Until then, stores are restricted from selling more than $5000-worth of game tickets per day.

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