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Powerball Odds?

abqtj

I'm a damn delight!
Staff member
Administrator
VIP
Why is it not worth it to you at a prize lower than that?

More prize = more players, odds go down. You'd be better off only playing the low pot games.
your odds don't change, just the chance of having to split it increase with more players.
 

GreenGeep

Timber Baron
VIP
I don't understand anything about lotteries.

Odds don't change, but if you and other people pick the same winning numbers, you have to split the prize with each other and then give half of your slice to the government so they can print more food stamps?

Sounds like a racket.
 

Al Johnson

Northwoods Hillbilly
VIP
I don't understand anything about lotteries.

Odds don't change, but if you and other people pick the same winning numbers, you have to split the prize with each other and then give half of your slice to the government so they can print more food stamps?

Sounds like a racket.
It absolutely is a racket. The "odds" in favor of the house are astounding. They can't lose, but the players sure can, and do.
 
If that was correct, then any time the lotto big prize (ignoring the smaller ones) is larger than the odds of winning, it's a "good bet" and you should participate, right? (Also assuming the ticket is $1. If tickets are $2, the payout needs to be more than double the odds against you.)

Is that correct? Or do I have a basic bad assumption or misunderstanding in there somewhere?
Your logic is correct, but your reasoning is off. Let me explain. Any jackpot will set you up for life, therefore if any jackpot amount is worth buying a ticket for then every jackpot amount is worth it. Additionally, it's not possible to buy enough tickets for enough draws for the odds to be in your favor.
 

GreenGeep

Timber Baron
VIP
So at work today, everyone was talking about going out and buying tickets since 'it's up to 900 million. Might as well try to get a piece of that...."

I don't understand it. $6/pack cigs&dip, $300/weekend bar tabs, and lottery tickets. They'd be better off driving down the highway and tossing cash out.
 

BirdOPrey5

Staff member
Administrator
VIP
Your logic is correct, but your reasoning is off. Let me explain. Any jackpot will set you up for life, therefore if any jackpot amount is worth buying a ticket for then every jackpot amount is worth it. Additionally, it's not possible to buy enough tickets for enough draws for the odds to be in your favor.
I think it depends what the definition of the "odds being in your favor" is.

A simple 6 sided die... If someone has you bet $1 and win $2 every time you land on even, we agree the odds are even.

However if the same person offered you $6 every time it lands on 6, for the same $1 bet- what do you call that?

Some might call it even odds because over many rolls you should end up even, just like the first scenario.

But of course any any given roll the odds are not in your favor.

So when a lottery gets to $1.3 billion and odds are only 1 in 292 Million it would be a lot like someone offering you $10 every time you land on 6 on a $1 bet. You should take that bet every time it is offered, in the long run you'l make money.

I would consider those odds in your favor even if you're not likely to win the first time you play.
 
What I meant by odds in your favor was more than 50% chance of coming out on top. Since we don't live for millions of years nor would anyone spend hundreds of millions on lottery tickets, it's safe to say that the odds are against us.
 

BirdOPrey5

Staff member
Administrator
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But do you agree you should always take the bet if someone is offering to pay you $10 for landing a 6-sided die on 6 for a $1 bet?
 
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But do you agree you should always take the bet if someone is offering to pay you $10 for landing a 1-sided die on 6 for a $1 bet?
Yes. Odds are not in your favor (depending on how you define it) for a single roll, but the risk vs. reward is. If you are allowed to take that bet as often as you want it becomes a no-brainer. Each roll may be against you, but taken as a whole some number of rolls the odds (statistical chance you come out ahead) flips to your favor. If you were allowed 100 rolls for example and received 10x your bet for every 6, you are virtually guaranteed to profit.

I'm ignoring your type-o of rolling a "1-sided" die, I'm pretty sure you meant rolling a 6-sided die once. :D
 
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abqtj

I'm a damn delight!
Staff member
Administrator
VIP
Yes. Odds are not in your favor (depending on how you define it) for a single roll, but the risk vs. reward is. If you are allowed to take that bet as often as you want it becomes a no-brainer. Each roll may be against you, but taken as a whole some number of rolls the odds (statistical chance you come out ahead) flips to your favor. If you were allowed 100 rolls for example and received 10x your bet for every 6, you are virtually guaranteed to profit.

I'm ignoring your type-o of rolling a "1-sided" die, I'm pretty sure you meant rolling a 6-sided die once. :D

That's exactly why casinos never lose.
 

pirranah

pierced dingaling
VIP
I had some ones i stashed in the console for cleaning the Tahoe, so I picked up a couple tickets this morning.
 
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