Jerry and Marge Selbee: How a retired couple won millions using a lottery loophole, 60 Minutes, CBS
The website details the remarkable story of Jerry and Marge Selbee, an American couple in their 80s who used their math skills to amass over $26 million in lottery winnings. In 2003, Mr. Selbee identified a mathematical loophole in the Winfall lottery game, realizing that if the jackpot exceeded $5 million and went unclaimed, the money would trickle down to tickets with fewer winning numbers. Leveraging this flaw, the couple strategically invested in tickets, calculating a high probability of winning.
Mr. Selbee, a math major, conducted risk-reward analyses and invested $1,100 in tickets, ensuring a profitable return. Over the years, they refined their strategy, establishing G.S. Investment Strategies, involving friends and family in their lucrative venture. Despite an investigation by the Inspector General, their methods were deemed legal.
Their winnings, totaling $26 million, funded home renovations and education for their extensive family. The article concludes by mentioning that their story has inspired a movie titled “Jerry & Marge Go Large.” The narrative highlights the couple’s ingenuity and success in exploiting a lottery loophole, resulting in substantial financial gains and a lasting cinematic legacy.
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