Playing The Odds

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Side 2
Side 1 says... I take part in monthly surveys that award me with points for each I complete. Each point gives one the opportunity to enter into various drawings, including a daily $100 giveaway, and a $5,000 giveaway that takes place about every 2 months. Over the past 2 years I have accumulated about 4500 points. Recently, I entered 300 points into a daily $100 drawing and won. I told my roommate, and he was unenthused, and asked why I hadn't put my points toward the $5,000 prize. I explained that the information given on the website said that the vast majority of entries were in this drawing, so by entering into the 100$ drawing was much smarter because I would have a drastically higher chance at winning. He says I should have put all my points in the $5,000 drawing because it would make more of a difference in my life if I were to win. I say winning something is better than winning nothing at all, and he says go big or go home, who is smarter?
Added by Lucas (male)
Side 2 says... Do not confuse this with the lottery standard. Dumping money into the lottery can be seen as foolish because while you aren't winning any money you are also losing it in order for the chance. This is not the case in this scenario. Credits used towards the drawing are earned by completing surveys and in no way cost the individual less the time put into it. It thus can only be rewarding if you were to win and not winning would only put you out the time. With this is mind my stance is that for someone who has accumulated as many credits as my roommate the strategic move to make is to use these towards the highest prize, namely a five thousand dollar check. However, he wants to play the odds and slowly and selectively place his credits into the one hundred dollar drawings with the smallest pool of entries. I argue that the time he has put into accumulating these points is more or less equal to the time he dedicates to a good night's paycheck at his local job where he assumes a server position. So while it may be nice to have a hundred dollars in hand (he recently won and sparked this debate) in the scheme of things (we are both college students with considerable debt) one hundred dollars is nothing. Five grand on the other hand could considerately reduce said loans. Regardless either drawing does not leave you worse off then when you began with albeit one has better chances. But they are still chances and hardly a guarantee. It only takes one credit to win anything no matter the chances. He can put thousands of credits into the one hundred dollar drawing and yet still be denied by one credit. Why not go big when you've got nothing to lose and everything to gain. This isn't the stock market, it's not a living go big or go home so that when you do win you have something to show for it. What it boils down to is I have a pair...
Added by DWade (male)
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