3 ms·
On a related note, Hungary's state-owned gambling company sold soccer bets in 1998 that could guarantee 25% returns. Unlike the lottery tickets in OP's story, t
by uzerfcwn 3y ago
On a related note, Hungary's state-owned gambling company sold soccer bets in 1998 that could guarantee 25% returns. Unlike the lottery tickets in OP's story, the Hungarian arbitrage required buying only a couple of tickets and hence needed much less capital. Alas, there was no math-savvy enterpreneur to game the system, so the Hungarian gambling company made record profits. [1]
[1] https://math.bme.hu/~matolcsi/szjrt8.pdf https://math.bme.hu/~matolcsi/szjrt8.pdf