Betting on Hope

2 hours ago 8

Rommie Analytics

This is one of my favorite statistics about human nature: Each year, Americans spend more money on the lottery than on sporting events, books, video games, movie tickets and music combined.  Some people are just bad at understanding probabilities. But this is more about buying daydreams and spending a small amount of money to purchase some hope. People love betting on longshots. This phenomenon helps explain the rise in ...
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