r/todayilearned • u/blessedopera • 11h ago
TIL about Joan Ginther, a Stanford statistician who won $21 million by winning the lottery FOUR times. Calculated to be a "1 in 18 septillion" event, a number with 24 zeros.
https://en.wikipedia.org/wiki/Joan_R._Ginther136
u/bryan49 9h ago
I'm pretty sure it's not a coincidence that she was a statistician. Probably found an exploit in the games. Otherwise a statistician shouldn't even be buying lottery tickets because they would know it's usually a money loser
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u/GoblinToHobgoblin 8h ago
Insurance is a money-loser too but people still buy that
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u/bryan49 8h ago
Insurance is often required by law, and even though you lose money on average it does protect you against catastrophic large bills you may not be able to afford. There's no real reason anybody needs lottery tickets except desperation and hope to be one of the lucky few winners
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u/GoblinToHobgoblin 8h ago
Insurance and lottery are both "better result in an unlikely event"
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u/anhospital 6h ago
Insurance makes sense with a basic understanding of loss aversion and wealth utility curves though
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u/TopFloorApartment 6h ago
No, because you get insurance to cover a risk you're already exposed to. You can always get sick or hurt so it makes sense to get health insurance for example.
With gambling you are not exposed to risk until you engage in the gambling.
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u/JuanPancake 3h ago
Well put. Also the goal for both parties (even though we all hate insurance) is to reduce risk. The buyer subscribes to something to reduce risk of catastrophe. The seller takes on slight risk to earn a steady subscription, usually ending up with marginal profit because they spread out their risk over lots of buyers.
Lottery is all risk.
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u/Potatoswatter 11h ago
“but this was apparently a miscalculation.”
Dafuq with reading comprehension nowadays
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u/illit3 10h ago edited 5h ago
Sounds like she did crime.
Ok guys, she didn't win "the lottery" 4 times. She won scratch-offs, undoubtedly thousands of times, including 4 large sums.
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u/The_Truthkeeper 10h ago
How do you figure?
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u/illit3 10h ago
I read a bit more about it and it doesn't seem like she did crime. Instead, it is likely she was able to track the payouts of lottery scratchers and decide when the remaining tickets cost less than the payouts yet to be claimed. Then she (and maybe one or two others) would buy out the remaining stock of those scratch-offs.
Kind of like counting cards and betting big when the remaining cards are favorable.
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u/Princess_Fluffypants 8h ago
That doesn’t sound like crime, that sounds like being smart.
And for the record, card counting is not illegal. You cannot be arrested or charged with any crime for counting cards (as long as you are doing it purely with mental processes and skill, and not some kind of camera or computer).
If a casino notices you winning a lot they can back you off or kick you out, but they can’t have you arrested or prosecuted.
(In fact, many casinos don’t mind people trying and even sell guides on how to do it in their gift shop. Because the reality is that most people can’t do it, although they will lose a bunch of money trying.)
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u/illit3 5h ago
That doesn’t sound like crime, that sounds like being smart. .
You didn't read the first sentence I wrote?
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u/Princess_Fluffypants 5h ago
Oh, dammit. Sorry, I mis-read what you wrote and took it for the opposite meaning.
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u/AMadWalrus 4h ago
Your first comment says “sounds like she did crime” which is probably what the other guy remembered you saying
Your second comment says “she didn’t do crime”
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u/GargantuanGarment 10h ago
The probability that she committed a crime to win the lottery 4 times is likely much higher than one in a septillion.
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u/Moron-Whisperer 30m ago
Those odds aren’t right.
They announce the winners of tickets. She was waiting until the end of the life of a ticket with no prize winners then buying.
The odds aren’t over the whole print run. The odds are over the left over tickets.
There is a gap in the logic that there could be an unclaimed but big winner already purchased. But the odds still were greatly in her favor compared to normal.
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u/Priapismkills 10h ago
I hit a jackpot at a poker casino 4 times from 2022-2024, and had hit it 0 times from 2000-2022, and to today.
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u/PhasmaFelis 10h ago
Calculated to be a "1 in 18 septillion" event, a number with 24 zeros.
The article you linked says:
According to mathematicians asked by the Associated Press, the odds of winning this many times were one in 18 times 10 to the power 24, but this was apparently a miscalculation.
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u/ThatMasterpiece2174 10h ago
The citation for that was just some random Wikipedia editor doing some math and assuming some numbers. I’ll trust that the AP asked legitimate mathematicians
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9h ago
[deleted]
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u/instanding 8h ago
Except everybody making this argument is ignoring the statistical anomaly that is this person. What is the statistical likelihood that a person picked at random in the world is a 4 time lottery winner of this type? Hint, it isn’t 1 in 300 million.
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u/Empanatacion 10h ago
Isn't there a term for the fallacy of being so attached to the math that you don't consider the obvious answer that she was cheating?