Backing more than 1 in a race

A wise teacher of mine (they did exist!) once told us that the more tickets you buy in a raffle, the more chance you stand of losing. Add he was right.
If you take it to the limit and buy all the tickets, you are guaranteed to lose as the organiser is the one who makes the profit. Same applies to lotteries and betting.
 
There are ways of winning and covering your losses but you need a lot money to make profit and break even
 
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