Re: Neteller drawing +EV?
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Can you use an infinite amount of your points for drawing entries? I have over 1 million points, but even if I used them all for the $500 drawing, I think I'd only have like a 20% of winning. Anyone know about this? Can you corner the entire drawing like that or is it forbidden?
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Sure, you could use all of your points in the same drawing to "corner" the drawing, but believe it or not you're better off spreading them out as much as possible. Consider a lottery drawing for $100. Currently there are 19 people entered.
Your first entry is worth 100*(1/20) = $5
Your first two entries are worth 100*(2/21) = $9.52
Your first three entries are worth 100*(3/22) = $13.64
The incremental value of the first entry is therefore $5.
The incremental value of the second entry is therefore $9.52-$5 = $4.52
The incremental value of the third entry is therefore $13.64-$9.52 = $4.12
THEREFORE, each entry that you buy has a lower value to you. Instead of using all of your points in a single lottery, you should spread it around as much as possible.
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