Officials at the Massachusetts state lottery knew one of their games had essentially been taken over by the group of highly-intelligent gamblers but did nothing because their syndicate generated $16million.So much for the notion that the lottery is a "tax on stupidity"? Actually, it still was a tax on stupidity for everyone outside of this syndicate, and since it was draining money from the amount that would otherwise be distributed to the stupid people, the stupid people were being taxed at a higher rate than usual. And the lottery officials were negligent (in creating the loophole) and then knowing as they enjoyed getting the money that they raised taxing stupidity.
Their system became an almost full-time business as the sophisticated gamblers snapped up hundreds of thousands of lottery tickets at $2 each.
By 2005 they had essentially monopolised the game....
It is thought lottery officials found out about the loophole in 2010 - or maybe earlier - but did not act because it was bringing in so much money....
August 3, 2012
MIT researcher and undergrads figured out a way to win the lottery and — over 7 years — spent $40 million to win $48 million.
Daily Mail reports: