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Can Euromillions Lottery Be Profitable?

EuroMillions is a major pan-European lottery where the player chooses 5 main numbers out of 50 and 2 different lucky star numbers out of 11 (the latest rules from May 10, 2011). A standard ticket costs EUR 2.00. The lottery imposes a Jackpot Cap, the maximal amount that can be won by guessing all the winning numbers. After the draw on July 12, 2011, this Cap is set to EUR 190,000,000 and since January 12, 2012 this Cap is locked permanently so it will not increase in the near future. The Jackpot Cap before July 12, 2011 was EUR 185,000,000. Since the last significant change of rules on May 10, 2011 there were several notable Jackpot wins: EUR 190M won on August 10, 2012 (the current Jackpot Cap), EUR 185M won on July 12, 2011 (the previous Jackpot Cap), or EUR 162.257M won on September 13, 2011. The fact that the Jackpot can get to rather significant numbers raises a question whether it is possible to have a profitable betting strategy.