At least in NY state, the exact odds and payouts are published. So you can certainly assign a premium to the risk involved, and you can do so exactly. But sinc

At least in NY state, the exact odds and payouts are published. So you can certainly assign a premium to the risk involved, and you can do so exactly. But since everyone knows the odds, the lotto market is perfectly efficient and no one can win in the long run -- this is what makes it gambling.