If you believe the EMH you shouldn't compare stocks to lottery tickets. It sounds like you just don't want to look too closely.
Let's try differently. What evidence would you require to conclude "EMH is false"?
Edit: I have to make this edit because someone will point it out. YES I realize I didn't actually answer your question but the thing is this has been discussed ao thoroughly that I don't think i have anything new to add.
The only thing I can think of that would disprove EMH would be an arbitrage opportunity that doesn’t go away by using it. If you can arbitrage continuously and without limit and the difference you’re arbitraging isn’t decreasing, that would contradict EMH. Since that’s pretty much the only claim of EMH, multiplying your money by taking high risks doesn’t really contradict it.
The EMH says that you can't predict a stocks price in the future give the past data.
HFT just reacts to price changes, it doesn't really predict what it will do in the future so it really has no relevance to the EMH as they are only reacting to what prices did in the past, albiet the very recent past:)
They do go away, that’s why you have to be the fastest. They also are limited, you can’t arbitrage them with an arbitrary amount at once because this makes the difference disappear.
By "go away" I thought you meant over time by people exploiting it it would disappear. If you have two exchanges trading the same instrument, whenever the instrument is priced differently you can buy one and sell the other. This will "nerve go away" because it will still be true 20 years from now. Of course that every time such an opportunity occurs itself it has finite capacity.
So, I misunderstood what you meant, but what you meant is even dumber than I thought. What you're saying is a source of free money. That has nothing to do with EMH whatsoever.
Let's try differently. What evidence would you require to conclude "EMH is false"?
Edit: I have to make this edit because someone will point it out. YES I realize I didn't actually answer your question but the thing is this has been discussed ao thoroughly that I don't think i have anything new to add.