13. The "No-Lose Lottery," Part 2

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4.6 • 32K Ratings

🗓️ 1 December 2010

⏱️ 21 minutes

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Summary

It’s the banking tool that got millions of people around the world to stop wasting money on the lottery. So why won't state and federal officials in the U.S. give it a chance?

Transcript

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0:00.0	It's the sensation you've been hearing about.
0:04.6	That's right.
0:05.4	Prize-length savings is here.
0:07.4	Open a savings account now for as little as $25 and you could walk away with more than
0:12.9	$100,000.
0:14.9	It's the no-lose lottery.
0:17.1	That's right.
0:18.1	Cash prizes are waiting for you.
0:20.1	Save now and win bigger now and cash in for a limited time avoid we're prohibited.
0:28.6	In the last episode of this podcast we started to tell you about a new idea, a new financial
0:33.5	instrument that takes advantage of one of America's favorite pastimes.
0:38.7	Gambling.
0:39.7	So two out of three American adults report gambling and it's 50% say they play lottery the next
0:48.0	closest is casino which is you know about one in five adults.
0:51.8	Ah, the lottery.
0:53.7	You love it.
0:55.0	There are a couple of bucks you buy the chance to change your life.
0:59.4	This asymmetry is called skewness and it generates hope, irrational hope to be sure and
1:06.2	too much of it for that life changing payout.
1:09.6	We feed that hope by buying lots and lots of lottery tickets about $60 billion worth
1:14.6	a year, most of which is essentially poured down a big hole.
1:19.2	And the people who pour the most are the ones who can least afford it.
	...

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