If no one hits the next two times the Jackpot might be
ONE BILLION DOLLARS!
I just split a ticket with a neighbor. She's 77.
is this pop culture or finance?
If no one hits the next two times the Jackpot might be
ONE BILLION DOLLARS!
I just split a ticket with a neighbor. She's 77.
is this pop culture or finance?
I don't think you can find a better financial opportunity: if you win, 100s of millions after taxes; if you lose, you only lose $2 (for 1 ticket in my state).
just wasted a dollar. wrote: I just split a ticket with a neighbor. She's 77.
is this pop culture or finance?
Splitting a ticket in half? What if she, or you lose half of the ticket?
If she has half of the numbers, and you have the other half, how will you know you are 50% filthy rich?
sir nup wrote:
I don't think you can find a better financial opportunity: if you win, 100s of millions after taxes; if you lose, you only lose $2 (for 1 ticket in my state).
This is the -worst- financial opportunity. You're basically just giving away 2$ because the chance to win is so low.
vvdsgv wrote:
sir nup wrote:I don't think you can find a better financial opportunity: if you win, 100s of millions after taxes; if you lose, you only lose $2 (for 1 ticket in my state).
This is the -worst- financial opportunity. You're basically just giving away 2$ because the chance to win is so low.
True. But you can't win if you don't play.
True. But you can't win if you don't play.
Indeed. Here are the facts:
1. Someone will win. If not this week, next week.
2. If you buy a ticket, you have a chance.
3. If you don't buy a ticket you have no (zero, none, nada 0.0) chance.
And I love how the smarter than thou crowd mocks lottery players...Its 1/2/5 FREAKING DOLLARS! BFD.
I guess since you tools spent 4x as much as me on your APPL products vs my Android stuff, you're tapped out.
I would be willing to bet that once powerball cross 100 or 200 million that the weighted odds are in your favor.
They make you pay tax on lottery winnings?? That sucks.
It would probably be +EV if they didn't.
Would you be able to make a deal with someone from a country that doesn't pay tax on lotto winnings?
Let's say the jackpot is $100m and you have a friend from Europe where they have no tax on such winnings. Could you make a deal with your friend where he claims to have bought the winning ticket? He gets the full 100 million and gives you 90 keeping 10 for himself. Instead of you paying the tax whatever it is. (Greater than 10% I'm sure)
just wasted a dollar. wrote:
If no one hits the next two times the Jackpot might be
ONE BILLION DOLLARS!
There isn't that much money in the whole world!
It's $550mm NOW--likely to continue going up before the drawing?
Anyway, I never expect, or even hope, to win; I consider the few bucks I spend on lottery tickets to be entertainment.
I buy one ticket for each drawing. I figure: if I buy one, my chances of winning are infinitely better than if I bought none; but if I buy a second ticket, my chances only double (approximately).
I'm willing to spend a buck or two on infinity, but buying a second chance--out of millions--to win doesn't seem worth it.
Justin91 wrote:
I would be willing to bet that once powerball cross 100 or 200 million that the weighted odds are in your favor.
Individual odds don't go up as the pot does. In fact they go down as far as payout/odds. More people playing makes it more likely SOMEONE wins but not one particular person.
I read all sorts of statistics about the probability of winning the last time the jackpot climbed really high, and none of them really hit home until I came across this one: you're ~100 times more likely to win a gold medal in the Olympics than win the Powerball jackpot. And yes, I still bought a ticket.
BushLimbaugh wrote:
vvdsgv wrote:This is the -worst- financial opportunity. You're basically just giving away 2$ because the chance to win is so low.
True. But you can't win if you don't play.
Justin91 wrote:
I would be willing to bet that once powerball cross 100 or 200 million that the weighted odds are in your favor.
Can you explain this?
WildRun wrote:
Would you be able to make a deal with someone from a country that doesn't pay tax on lotto winnings?
Let's say the jackpot is $100m and you have a friend from Europe where they have no tax on such winnings. Could you make a deal with your friend where he claims to have bought the winning ticket? He gets the full 100 million and gives you 90 keeping 10 for himself. Instead of you paying the tax whatever it is. (Greater than 10% I'm sure)
Cool that you looking at ways to maximize your take, but no, that's not how taxes work. If your friend lives in another country but earns the money in the states he's either paying taxes here, or in his home country. More likely than not the taxes are lower here.
With this much cash, I could set up a sizeable charitable foundation with just a small amount of the after-tax income and shore up every xc and track program in my state to bring the noise in future years. I could fund the work of all the important charitable agencies in my town in perpetuity just off the earnings of an endowment fund and still have more than my great grand children could ever spend.
luv2run wrote:
Justin91 wrote:I would be willing to bet that once powerball cross 100 or 200 million that the weighted odds are in your favor.
Can you explain this?
It's not true, if this was a serious question. Probability does not work that way. The expected value of the result of a 2.00 powerball ticket gamble is about 90 cents. That's before taxes.
xfitblowsuckas wrote:
luv2run wrote:added
Can you explain this?
It's not true, if this was a serious question. Probability does not work that way. The expected value of the result of a 2.00 powerball ticket gamble is about 90 cents. That's before taxes.
if less than 174?? million unique number combinations are sold there is a chance the winning number combo will not be sold. Once the prize gets high enough it's sure to draw more punters and the more chance every one of the combinations will be played and when all combos are played someone MUST win.
HyTink wrote:
xfitblowsuckas wrote:It's not true, if this was a serious question. Probability does not work that way. The expected value of the result of a 2.00 powerball ticket gamble is about 90 cents. That's before taxes.
if less than 174?? million unique number combinations are sold there is a chance the winning number combo will not be sold. Once the prize gets high enough it's sure to draw more punters and the more chance every one of the combinations will be played and when all combos are played someone MUST win.
Well, the original quote doesn't have that big bold part.
What you said is right. As more tickets are bought, the probability that someone wins will increase. You're also correct in stating that at a certain point the probability of someone winning will be high enough that it effectively guarantees that at least one winner is chosen.
However, simply because the odds of one thing happening (that someone will win the lottery) will increase as more tickets are sold does not also mean that odds of a different thing (that a specific person will win the lottery) happening will also increase as more tickets are sold. In other words, more tickets being purchased DOES NOT increase the odds in the favor of any single person. Any single person's odd will always be dependent only on how many unique tickets they purchased. And they can always expect to win about 90 cents for every 2 dollars they spend. Obviously, they won't take home 90 cents every time, but, in the aggregate and over a long enough time-span that would be the result.
What you said is true, but it doesn't make sense in the context of the original quote, my comment on it, or the altered, somewhat non-nonsensical version of the original quote you included in your reply to my comment.
I think the poster used added to mean the bolded part in the OPs quote was his addition and he was answering the question is if that was the OPs porpoise in tents.
You can win your $2 back. 550mil is not the only prize.