You can but the more people you add, the smaller the variance is, and the closer you’re likely to get to the 11% or whatever return. Some guy at MIT actually did this and made a successful hedge fund for the MA progressive jackpot.
The cash option for the jackpot is $155.7M and the chances for a jackpot are 1/175.7M, plus there are a bunch of other prizes (1/4M for $250K, etc). If you multiply the cash values by the probabilities you get about $1.07 as the value of the ticket. Your losses are also tax deductible so that offsets the tax penalty for winning depending on your income bracket.