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This Magical Coin Game Turns Gambling into Investing!? - Ep. #67
Can gambling really become investing? Has anyone done it before?
00:00 - Intro
00:42 - How The Selbees Gamed the Lottery
07:49 - The Magical Coin Game
In today's story, Jay shares a story about a couple who gamed the lottery and made MILLIONS! Jay describes how the mathematical certainty of this particular game allowed this couple to use the lottery as an investment. Normally, playing any lottery game purely amounts to a gamble with poor odds. If the house always wins, how is this story possible? Did the house make a mistake?
The main topic covers an example Jay calls "The Magic Coin Game." In this game, you gamble money by placing it on a table. A coin is flipped. If it is heads, you double your money. If it is tails, you lose half of your money. In the game, the house is willing to play with you as many times as you would like. Gambling everything every time does not result in any statistical advantage for you. However, you can play this game 100% by the rules and twist the odds in your favor. There can be mathematical certainty that you gain money if you play in a particular way.
This is what makes the coin game magic!
In the end, Jay describes how this game can be an analogy for asset allocation theory in the investing world. At the very least, it is a proof of concept in a simplified context. The math on this one might hurt your brain a little bit!
Links:
CBS Article: https://www.cbsnews.com/news/jerry-and-marge-go-large-selbee-lottery-loophole-60-minutes-2022-06-10/#:~:text=All%20told%2C%20the%20Selbees%20grossed,grandchildren%20pay%20for%20their%20educations.&text=Even%20as%20their%20lottery%20winnings,continued%20to%20live%20without%20extravagance.
60 Minutes Full Story: https://www.youtube.com/watch?v=jtv5COcjGhw
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Disclaimer: This podcast serves as educational entertainment only. Any and all opinions relating to real estate, law, taxes, insurance, and/or securities investing that may be contained within this podcast should not be interpreted or implemented as recommendations nor advice. The opinions related to these topics – especially those regulated by state and/or federal entities – should never be taken as replacement for advice from a competent, licensed professional. HopeFilled Financial Coaching is not liable for any individual acting on any understanding of topics directly or indirectly related to real estate, legal practice, taxes, insurance, or investing even if an individual in question changed their understanding after listening to this podcast. All listeners are entirely responsible for seeking advice from licensed professionals before taking any action of their own.
Our Website: HopeFilledFinancial.com
Music: "Take Me Higher" by Jahzzar
Music Copyright License: This music is licensed under the Creative Commons Attribution-ShareAlike 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/4.0/ or send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, USA.
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