(JaiChai) Raffles, Sweepstakes and Lotteries: "No Such Thing as a Free Lunch"
*A rare signed, higher resolution and non-watermarked version of this image is available for download at: https://creary.net/digitalart/@jaichai/jaichai-raffles-sweepstakes-and-lotteries-no-such
Aren't raffles, sweepstakes and lotteries fun?
And what's the harm of spending a dollar or two for a chance at winning millions, right?
Well, maybe...
Warren Buffett once said, "Sure, I'll play the lottery. But someone has to buy and give me a ticket first."
How 'bout this headline?
BREAKING: "After a lifetime of playing the lottery, man wins three million AND BREAKS EVEN!"
Just like the actuarial tables for life insurance, it's all just a matter of cold, hard statistics.
And the positive money number ALWAYS favor the insurance company, the gambling house or state sponsored lottery.
Note: The chance of winning a lottery can be one in several millions or billions.
Never forget that in all forms of gambling (e.g., casinos, lotteries raffles, etc.) the HOUSE ALWAYS WINS.
Let's examine an innocent-looking Torum raffle where the "prize" is an NFT by the host or sponsoring artist.
Initially sounds cool, huh?
A Lander enters the raffle by sending a gift to the raffle host Lander.
BTW, these XTM items are oxymoronically called "pledges".
If they were real pledges, no value is transferred until after the event (charity telethon, raffles, contests, etc.) is done.
Nice strategy, BUT...
End Results?
Think about this:
Participants "pledge" real value XTM gifts and receive undefined, non-rare (unlimited editions) of an image?
The raffle host gets the accumulated entry fees (XTM gifts) from the participants.
Imagine that?
No malice intended here. Just a business/marketing analysis.
After all, "There's no such thing as a free lunch."
Parting Shot:
"Before playing any game, it's wise to know the rules first."
Submitted for you to ponder in a quiet place.
May you and yours be well and loving life today.
In Lak'ech, JaiChai
(JaiChai 21 May 2022. Simultaneous multi-site submissions posted. All rights reserved.)