Posted on 02/11/2015 2:49:21 PM PST by blam
Andy Kiersz
February 11, 2015
The Powerball lottery drawing for Wednesday evening has an estimated jackpot prize of $500 million.
While that's a huge amount of money, buying a ticket is still probably a losing proposition.
Consider the expected value
When trying to evaluate the outcome of a risky, probabilistic event like the lottery, one of the first things to look at is "expected value". The expected value of a randomly decided process is found by taking all of the possible outcomes of the process, multiplying each outcome by its probability, and adding all of these numbers up. This gives us a long-run average value for our random process.
Expected value is helpful for assessing gambling outcomes: If my expected value for playing the game, based on the cost of playing and the probabilities of winning different prizes, is positive, then in the long run, the game will make me money. If expected value is negative, then this game is a net loser for me.
(snip)
(Excerpt) Read more at businessinsider.com ...
That’s way too much money. I’ll take my chances on the state lotto for $5 million. Slightly better odds. My best ever was 4 of 6 numbers matched, won $56.
What do you have that suppressor screwed to?
If I had a million dollars
Well, I’d buy you a fur coat
But not a real fur coat, that’s cruel
You have good comebacks! I’ve made mental note of them for future use.
My Springfield XDm .45 bitone. If you look at my posting history, there’s a pic somewhere.
How so? The numbers are going to be the same set of winning numbers whether there are ten ticket buyers or 10 billion ticket buyers.
It’s technically a tax on those who don’t understand statistics.
However, on an incidental play like the last few 300+ million, what am I out..a few bucks. I could waste the same six dollars on a single drink at the bar.
It’s worth what I have into it...a small entertainment value, for the chance at serious wealth.
Most who win lotteries and end up broke, waste the money on hookers, drugs and gambling.
That would be incorrect....the odds are always the same.
I think you can figure about 1/3 the pot.....in most states.
Senators are cheaper.
Took my girl to see a movie this afternoon...I'd heard it was good. A comedy I was told.
So here we are sitting in this movie house watching "Birdman"...kept waiting for the humor. This movie was pure TORTURE!~! And we walked out....
Now THAT was a buzz kill!!
LOL!!!
Of course it is! However buying a ticket is a guarantee that you MIGHT win while not buying one is a definite guarantee that you won't win...........
I forgot the drawing was tonight otherwise I would have purchased a few............
You have a better chance with lightning!
Look at the bright side, your chances of winning were a hell of a lot better than mine since I forgot to purchase a ticket.......LOL!
If you don't buy one, it's guaranteed.
I'll spring for two bucks for a shot at dreamland.
we got 20 bucks worth
Yes it is. Lottery money coming in. 1/2 goes to the gov schools, etc... The other half to the winner! Oh yea the gov gets 1/2 of that to. That means if you win you get about 25% of total sales and the government gets 75%! And if you don’t spend it all before you die, they get over half of that to. Aren’t lotteries fun! Oops! I mean a great investment! lol
That’s one of the things I’ve thought about if I won something that big! Million dollar donation to Free Republic? Yep! Wouldn’t that make some lib heads EXPLODE!? I’m just hoping to contribute to this freepathon before it’s over now that my hubby is employed again (with a GOOD job!).
ROTLMAO!!!
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