"Can you help me take down the Texas lottery?" That's what a London banker-turned-bookmaker asked "acquaintances" in 2023, reports the Wall Street Journal. The plan was to buy "nearly every possible number in a coming drawing" — purchasing $1 tickets for 25.8 million possible combinations, since "The jackpot was heading to $95 million. If nobody else also picked the winning numbers, the profit would be nearly $60 million." Marantelli flew to the U.S. with a few trusted lieutenants. They set up shop in a defunct dentist's office, a warehouse and two other spots in Texas. The crew worked out a way to get official ticket-printing terminals. Trucks hauled in dozens of them and reams of paper... [Then Texas announced no winner in an earlier lottery, rolling its jackpot into another drawing three days later.] The machines — manned by a disparate bunch of associates and some of their children — screeched away nearly around the clock, spitting out 100 or more tickets every second. Texas politicians later likened the operation to a sweatshop. Trying to pull off the gambit required deep pockets and a knack for staying under the radar — both hallmarks of the secretive Tasmanian gambler who bankrolled the operation. Born Zeljko Ranogajec, he was nicknamed "the Joker" for his ability to pull off capers at far-flung casinos and racetracks. Adding to his mystique, he changed his name to John Wilson several decades ago. Among some associates, though, he still goes by Zeljko, or Z. Over the years, Ranogajec and his partners have won hundreds of millions of dollars by applying Wall Street-style analytics to betting opportunities around the world. Like card counters at a blackjack table, they use data and math to hunt for situations ripe for flipping the house edge in their favor. Then they throw piles of money at it, betting an estimated $10 billion annually. The Texas lottery play, one of their most ambitious operations ever, paid off spectacularly with a $57.8 million jackpot win. That, in turn, spilled their activities into public view and sparked a Texas-size uproar about whether other lotto players — and indeed the entire state — had been hoodwinked. Early this month, the state's lieutenant governor, Dan Patrick, called the crew's win "the biggest theft from the people of Texas in the history of Texas." In response to written questions addressed to Marantelli and Ranogajec, Glenn Gelband, a New Jersey lawyer who represents the limited partnership that claimed the Texas prize, said "all applicable laws, rules and regulations were followed...." Lottery officials and state lawmakers have taken steps to prevent a repeat. The article also looks at a group of Princeton University graduates calling themselves Black Swan Capital that's "won millions in recent years" by targetting state lottery drawings with unusually favorable odds. "State lottery directors say they are seeing more organized efforts to buy lottery tickets in bulk," according to the article, "but that the groups are largely operating legally and transparently..."

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Abstract of a paper on NBER: There is much disagreement about the extent to which financial incentives motivate study participants. We elicit preferences for being paid for completing a survey, including a one-in-twenty chance of winning a $100 electronic gift card, a guaranteed electronic gift card with the same expected value, and an option to refuse payment. More than twice as many participants chose the lottery as chose the guaranteed payment. Given that most people are risk averse, this pattern suggests that factors beyond risk preferences -- such as hassle costs -- influenced their decision-making. Almost 20 percent of participants actively refused payment, demonstrating low monetary motivation. We find both systematic and unobserved heterogeneity in the characteristics of who turned down payment. The propensity to refuse payment is more than four times as large among individuals 50 and older compared to younger individuals, suggesting a tradeoff between financially motivating participants and obtaining a representative sample. Overall, our results suggest that modest electronic gift card payments violate key requirements of Vernon Smith's induced value theory.

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JPMorgan Chase used a quantum computer from Honeywell's Quantinuum to generate and mathematically certify truly random numbers -- an advancement that could significantly enhance encryption, security, and financial applications. The breakthrough was validated with help from U.S. national laboratories and has been published in the journal Nature. From a report: Between May 2023 and May 2024, cryptographers at JPMorgan wrote an algorithm for a quantum computer to generate random numbers, which they ran on Quantinuum's machine. The US Department of Energy's supercomputers were then used to test whether the output was truly random. "It's a breakthrough result," project lead and Head of Global Technology Applied Research at JPMorgan, Marco Pistoia told Bloomberg in an interview. "The next step will be to understand where we can apply it." Applications could ultimately include more energy-efficient cryptocurrency, online gambling, and any other activity hinging on complete randomness, such as deciding which precincts to audit in elections.

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An anonymous reader quotes a report from Gizmodo: Fourteen-year-old Aaryan Shukla cruised through six mental math calculation world records in a single day, according to a Guinness World Records statement published on February 12, earning the well-deserved nickname, "human calculator kid." Specifically, it took Shukla: - 30.9 seconds to mentally add 100 four-digit numbers - One minute and 9.68 seconds to mentally add 200 four-digit numbers - 18.71 seconds to mentally add 50 five-digit numbers - Five minutes and 42 seconds to mentally divide a 20-digit number by a ten-digit number ten times - 51.69 seconds to mentally multiply two five-digit numbers ten times - Two minutes and 35.41 seconds to mentally multiply two eight-digit numbers ten times According to the statement, these are among the most difficult mental calculation world records ever attempted. Shukla's frankly mind-boggling achievement also comes in the wake of another world record he broke in April 2024 at the age of 13: fastest time to mentally add 50 five-digit numbers. It took him just 25.19 seconds. That's an addition every half a second. I wouldn't be surprised if students seeking "shortcuts" in their math homework started phoning up Shukla instead of reaching for their ChatGPT browser tab. Guinness World Records published a video about Shukla's accomplishments on YouTube.

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Children working in India's fruit and vegetable markets can perform complex mental calculations with ease, yet struggle with basic written math tests that determine their academic future, according to new research that raises troubling questions about mathematics education worldwide. The study, published in Nature, reveals how traditional education systems are failing to tap into the mathematical talents of students who develop practical skills outside the classroom, particularly those from lower-income families. MIT economist Abhijit Banerjee, who grew up watching young market vendors deftly handle complicated transactions, led the research. His team found that while these children could rapidly perform mental arithmetic, they performed poorly on standard written assessments like long division problems. The findings come at a critical moment when mathematics education must evolve to meet modern demands, incorporating data literacy and computational skills alongside traditional mathematics. The research points to systemic issues, including a global shortage of trained mathematics teachers and assessment systems that reward memorization over reasoning. Without addressing these challenges, researchers warn, naturally talented students from disadvantaged backgrounds may never reach their potential in fields like research, entrepreneurship, or teaching.

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