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MIT Students Accused of Scamming Massachusetts State Lottery For Years;Total of $8 million
August 6, 2012
The MIT “brainiacs” have been at it again, using their superior math skills to run a scheme that some say violated the public trust. Ten years ago, a professor and some students from Massachusetts Institute of Technology were able to extort money from Las Vegas casinos by counting cards. Now, a new scam team has emerged again at MIT. A researcher and some students have run a scam on the Massachusetts Lottery. The researcher and students were not the only ones behind the scam; the Massachusetts Lottery knew and was also cashing in on the scam.
The scam started when the students were working on a school project and two of them realized that buying $100, 000 in tickets guaranteed a win in the Cash WinFall game. When the jackpot went up to $2 million, the members of the group contributed to the seed money and they shared the winnings. According to the Boston Globe, by 2005,the group’s winnings were close to $8 million. The Globe reports that even after the Massachusetts Lottery officials realized what the MIT students were doing, they allowed them to buy tickets by the hundred of thousands. But there are some who say that the students weren’t scamming anyone, and were instead utilizing superior mathematical capability to take advantage of a natural arbitrage opportunity. The scheme basically worked because when the jackpot in a lottery did not produce a winner, the money carried over to the next jackpot drawing which was even more money. If there were [....]
Finally, a Woman Will Officiate an NFL Game
August 7, 2012
For the first time in its history, the National Football League will have a game officiated by a female referee. The move is huge for a league that is known for being dominated by men. Shannon Eastin will join the crew officiating the game when the Packers and Chargers go head-to-head on Thursday. The decision to add a woman to the mix is long overdue, and likely made in conjunction with the league’s marketing of female apparel. Eastin has been a referee in the Mid-Eastern Athletic Conference and is in line to officiate the preseason game in just a few weeks. She has called football games for 16 years–the past four in the MEAC– and will serve as [....]