Application of Stochastic Process to Lottery in Nigeria
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Abstract: Lottery is one of the most popular forms of gambling which offers gamblers opportunity to win large cash prize for a relatively low cost. Research on lottery gambling could examine the effect of mediators in the relationships between independent variables and gambling behaviour. We consider the case of premier lotto and selected six (6) different players at random over a number of years. The methods used in these researches are Markov Chain and Stationarity of the state process. For every player in the system, we obtain the long run probability or likelihood of winning if every player continues playing indefinitely. We obtain the inter state transition probabilities indicating the transition of each player from one year to other.
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References
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Nowatzi and Willians (2002) identify this as a significant issue for self-exclusion programmes
Williams, West, & Simpson (2007) state that self-exclusion programme are only as effective as their ability to monitor
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