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In terms of the story's symbolism and themes about greed, Paul dies because his mother can not be satisfied. Even if he had continued winning more and more money, she would have simply craved more and more. Therefore, in lieu of his mother's insatiable greed, there would have been one of two outcomes: Paul's death or an end to his lucky streak. 

If we're talking about what literally kills Paul, that is more difficult to determine and is subject to interpretation. This story is designed like a fable or a fairy tale, so the precise cause of Paul's death is not specified and it may not be essential...

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