The intrinsic value of a fair bet is one in which the cost of the bet is 🌟  identical to the expected after-tax, net cash payoff. For example, if you had a lottery ticket that promised a 7% 🌟  chance to win $100, a fair bet would be $7.00. If you could buy the bet for significantly less than 🌟  $7.00, it is a  good  bet.