One thing I've been doing recently is gambling on gambling. Its happened a few times:
I still collect baseball and football cards. That is basically legalized gambling for anyone of any age in any state. You can buy a box of cards - and I use the term loosely because a box could mean a single pack of say 8 cards - at costs ranging from 25 bucks for low end brands to 500 dollars or more for the highest of the high end. The high end stuff is Upper Deck's Exquisite, Topps' 5-Star, and Panini's National Treasures. So buying a box of cards, in and of itself, is gambling.
I usually buy my cards at Blowoutcards.com. They ran a couple interesting promotions recently. They gathered up 100 or so boxes of cards in their inventory. Some were very expensive (and some are cases of multiple boxes). Most were middle of the road or cheap. You could buy a spot in a lottery for $150 or so dollars. Probably 2/3 or 3/4 of the boxes were are at or below $150 retail price. But 1/4 or so were above, significantly so. The expected value of the spot in the lottery was probably around $170.
So I was gambling twice. First, I don't even know what product I'm getting. I could get Ultimate Fighting Championship cards for all I know (a couple of those boxes were listed). Second, I don't know what will be in the product. Awesome!
My first foray into the promotion was a big win. Entry was $150, and I got a box of National Treasures (retail price of $570 or so). WIN! But the box was kind of a dud - best cards were an autographed rookie of Patrick Peterson and an autographed 1/1 card of Marques Colston. Not so much of a win.
My second foray into the promotion was a loss. Entry was $159, and I got a box of Just Minors Mystery Bats (retail value $60) which actually was a big box that contained a full sized autographed bat. The player? I ended up getting Craig Kimbrel, which wasn't bad. No Jeter or Miguel Cabrera - who were potential autographed bat pulls - but at least I know the player and hey, I have a bat.
Second, I was at a street fair this past weekend. In addition to the usual tables of junk and stands of random overpriced food, there was a NY lottery table with scratch offs. Pure gambling! They also had a wheel spinning and some dice. If you bought $10 worth of tickets, you got a wheel spin (which could net you items like an umbrella, tote bag, or more scratch-offs). If you bought $20 worth of tickets, you got a roll of the dice. A 2,3,11 or 12 got you $15 in free scratch-offs. 4,5,9,10 got you $10 and 6,7,8 got you $5. I of course bought $20 (happy birthday Kim!) and rolled the dice. FIVE. SUCCESS. $30 of scratch offs for $20.
The scratch offs were a success too - $30 in winnings!