Stats Professors and State Lotteries
Last month, Washington and Lee professor Scott Hoover announced that he intended to sue the Virginia State Lottery (a threat that became a lawsuit yesterday). Hoover, a business finance professor, wasn’t upset that he didn’t win the lottery–he was upset that it had become impossible to win the prize. His complaint is that the Virginia Lottery advertises inaccurate odds on their scratch-off tickets. If there is a scarce number of prizes to be won in a scratch-off game, then the odds of winning them drop to zero after they’ve been won. However, scratch-off tickets advertising that it was possible to Continue reading Stats Professors and State Lotteries