Kind of right, except his odds improved to 50 out of 292,000,050, assuming prior to his buying of the 50, there were 292,000,000 tickets. Simplified his odds of winning are 3.4246569E-7%, as opposed to buying one ticket (1:292,000,001) being 3.4246575E-7%. So in fact, his chances of winning just got worse...I think.
RunCogRun wrote:
powerbalzz wrote:why is it when these things get up some crazy amount of money, people suddenly decide to play or buy more tixs? Like how does the chance of winning $xxx,xxx,xxx rather than $xx,xxx,xxx becoming the buy-in amount for these people when in fact, winning even a couple mil is still hell of a lot of money that most know what to do with.
Office pools shows a big uptick in these scenarios.
At a $1.5 billion jackpot, the cash out is approximately a billion (1000 million). Even with 4 winning tickets, that is now $250 million per win. Taxes will take about 45% of that depending on state, leaving each win at $112 million. If you have an office pool of 28 people, then each walks home with $4 million.
If a person can get 28 plays for just $2 and still walk with $4 million, then the math almost makes sense (he is buying plays for 7 cents a piece).
My office has a ban on office pools for the lottery.
The Poker General wrote:
sbeefyk1 wrote:Is it just me or isn't it impossible to have every number combination on only 100 tickets... Don't be sheep. Think for yourselves... This guy was probably trying to get anyone listening to not buy a ticket. I prefer card games in casinos over the lottery. With card games I at least have a marginal shot at controlling my destiny...
If you are playing card games (or any casino games) against the House, you think you are controlling your own destiny. However, you always have losing odds.
Casino games are based on 98%, or so, payoffs, PER hand. So bet $100. Get back $98. Bet $98 get back $96.04. Bet $96.04 get back $94.12. And, so on. Play long enough and you lose nearly the entire $100. House wins, especially in games that move fast with a large number of bets made in a short time.
same numbers wrote:
why does everyone when asked what they'd do with the money say "I'll pay off my loans"? Like you can't do that with a regular jackpot...
I don't think they're asking "what would you do differently than you would with with a lower jackpot. I think somebody winning any jackpot $5million-2billion would do the same thing with regards to their loans.
orange juice, all pulp wrote:
Kind of right, except his odds improved to 50 out of 292,000,050, assuming prior to his buying of the 50, there were 292,000,000 tickets. Simplified his odds of winning are 3.4246569E-7%, as opposed to buying one ticket (1:292,000,001) being 3.4246575E-7%. So in fact, his chances of winning just got worse...I think.
That's not how this works. That's not how any of this works.
actually the odds are that $1 goes to prizes, $0.83 goes to "administration," and $.017 goes to the schools that the lottery purportedly supports. hell of a nonprofit, perhaps I should start one if this is legal.
The Odds Are wrote:
$2 a ticket! $1 of that goes to lotto administration and schools. The other $1 to "prizes."
Are the same people who are dumbfounded by basic statistics and probability the same people who claim random state college is as good as upper level college cuz all the classes are the same?
Do you think a bank would give me a $584,000,000 loan so I could buy every 1 of the 292,000,000 ticket options. It would be a gauranteed win. Probably end up with a 950 million lump sum, and around 600 after taxes. Leaves me with around 15 million in my pocket. Taxes could potentially push it under though.
I bought 8 tickets sat. On all 8 tickets. not 1 number matched.
this time I bought 1 ticket. f-the odds
A winning strategy wrote:
Do you think a bank would give me a $584,000,000 loan so I could buy every 1 of the 292,000,000 ticket options. It would be a gauranteed win. Probably end up with a 950 million lump sum, and around 600 after taxes. Leaves me with around 15 million in my pocket. Taxes could potentially push it under though.
It would be a winning strategy...if you don't split the pot.
You would actually have a lot more in your pocket because you can write-off your ticket purchases (except for the winning ticket) as gambling losses.
The problem is the logistics of buying all the tickets.
A winning strategy wrote:
Do you think a bank would give me a $584,000,000 loan so I could buy every 1 of the 292,000,000 ticket options. It would be a gauranteed win. Probably end up with a 950 million lump sum, and around 600 after taxes. Leaves me with around 15 million in my pocket. Taxes could potentially push it under though.
No of course not you idiot. You would have been sharing the pot with 3 other people so you'd get substantially less than you put in.
86% OF ALL POSSIBLE COMBINATIONS HAVE NOW BEEN PURCHASED for tonight's drawing. There will MOST LIKELY WILL be a Winner tonight!
There are only two out comes possible---- one is I win some money and the other is I do not win any money.
RIP: D3 All-American Frank Csorba - who ran 13:56 in March - dead
RENATO can you talk about the preparation of Emile Cairess 2:06
Running for Bowerman Track Club used to be cool now its embarrassing
Rest in Peace Adrian Lehmann - 2:11 Swiss marathoner. Dies of heart attack.
Hats off to my dad. He just ran a 1:42 Half Marathon and turns 75 in 2 months!
Great interview with Steve Cram - says Jakob has no chance of WRs this year