Last weekend Peppermill had a promotion for its higher-tier members which I
attended. I played more than I normally would have but not because I was
chasing the grand prize. I was doing something else called "chasing your losses".
Yeah I still have some discipline issues to work out.
However, the point of this post isn't about my results but about a lesson I
learned earlier in these high-end drawings. You can always work out a target
EV which would include the value of the optimal number of drawing tickets &
play for that amount. I remember how smart I felt at a Venetian drawing when I
worked out the optimum & played just a little more without losing too much
then imagine how I felt when I saw someone playing $25 triple play for several
hours. I forgot that some people don't care about optimum. Well it happened
again at the Peppermill when the person who got the $10K grand prize was the
one who had been drawn the most times (5). I think the total draws was in the
15 - 20 range. This wasn't the most egregious case as I remember a Reno
Hilton drawing many years ago where a woman got drawn 17 times & her husband was
drawn 6 times which was more than half of the draws. Later on, RH changed the
rules to limit it to one winner. There's a moral in here somewhere but I'm
too lazy to sum it up so I'll leave it to your imagination.
**************It's only a deal if it's where you want to go. Find your travel
deal here.
(http://information.travel.aol.com/deals?ncid=aoltrv00050000000047)
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