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The lottery

boudreauj4

boudreauj4

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The Mega Millions Lottery in the U.S. is up to 1.6 billion dollars. It's only two dollars for a ticket. I think I might buy one, and as they say here in all the TV advertisements....."Hey, you never know....." Please wish me well that I might become a billionaire on Tuesday at precisely 11:00pm eastern standard time.
 
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Rebeca1

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All the best and good luck
 
Mayfair

Mayfair

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The chances of winning it are 305 million to 1.

I would go and buy 1 ticket, rather than lots.

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Saying that, I've always wondered why people go out of their way to buy lots when a big total.

What's wrong with £1 million? why need £1.6billion?

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I think people think that 2 tickets is twice the chance. I suppose you could look at it that way, but really it's just 305 million to 2.

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and before anyone says $2 ticket, buy all the numbers and guarantee a win. This doesn't work either.

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I'm not against the lottery at all though. I think a pound a week, for chance for financial freedom is fine. That's not what happens though.
 
boudreauj4

boudreauj4

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It seems that many people where I live over spend on gambling. There is a casino on an indian reservation close to my town that many gamble at. Some people go broke spending all their money. It's a big problem and addiction for some. Personally I've only bought a lottery ticket twice ever, but you have a point......I bought them when the jackpot hit a record level. I should probably rather play one that has a lower payout but much better odds than the MEGA one. I've only gambled at the casino when I was there with a friend at a music concert, and I only spend about $10. But it is exciting when I win $20 or so. Twice I won enough to pay for my food, beer, and concert ticket so I had a free evening.
 
boudreauj4

boudreauj4

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It is interesting that after reading your post I noticed that my keyboard doesn't have a Pound money sign. It only has a dollar sign ($). I guess they make the keyboards different in europe than they are here in the U.S.
 
NWiddi

NWiddi

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Our UK keyboards have the £ sign on shift+3 and the $ on shift+4, what do they have on your US version?
 
boudreauj4

boudreauj4

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My shift+3 is a #, and my shift+4 is a $, and my shift+5 is a %.
 
boudreauj4

boudreauj4

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Incidentally, I just reloaded the Windows operating system on my laptop yesterday and when it was setting up it asked me what type of keyboard I was using and I clicked on US Keyboard. I don't remember what the others were, but I think there was either UK or Europe, and many other countries or regions.
 
LORD BURT

LORD BURT

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I would be happy with a million. Winning a billion is a bit odd.

I would say give 1000 people a million instead.

I guess I am not alone in that type of thinking.
 
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ramboghettouk

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probability is if theres less paid out than paid in you'll lose money, the chances of you been a billion winner are less than a billion to one with that stake you paid in, thats probabilty

i try to avoid gambleing, consider myself vulnerable
 
Mayfair

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Well, algorithms and percentages etc. are pretty much one of my favourite topics! So will add more...

probability is if theres less paid out than paid in you'll lose money, the chances of you been a billion winner are less than a billion to one with that stake you paid in, thats probabilty

i try to avoid gambleing, consider myself vulnerable
That's not how probability works. That's just a fact that there is a 'rake' or money that is taken out to cover costs. There is also the fact that lotteries work in different ways. I'll not look it up as the number aren't that important, but for every pound you put on the lottery, it is divided up, so you know how much the winner will get, so for example

£1 stake

50p go to winnings
20p goes to a charity commission
15p goes to running the thing (i.e Lottery staff, and terminals and terminal maintenance
5p to the seller of the ticket - to encourage people to sell tickets
10p Tax

In this example, I looked it up and this lottery win had 1 in 305million permutations. (for info the UK lottery has about 1/12million perms, when I last checked.)



probability is if theres less paid out than paid in you'll lose money, the chances of you been a billion winner are less than a billion to one with that stake you paid in, thats probabilty

i try to avoid gambleing, consider myself vulnerable
The probability depends of the type of gambling.

So on a roulette table, you double your money on any 'seemingly' 50/50 bet like Red or Black, but the 'zero' on the board means that the house always wins. EVERYTHING about roulette is about the 0, even though we obv don't see it often land. It's not only the 50/50 ones though, but all of them, and I once sat at work on a quiet night at work in an office, and worked out all the percentage wins, and amazingly it's the same for any bet on the board. Nowadays I could simply google it though! :LOL:

I'd have to scour my notes upstairs to find the figures, but off memory it is about 98%
For scale sake, if you had a million pounds and were putting on bets of £1000 each time, regardless of what on, in a thousand bets, you'd lose about £20 per bet. (which isn't bad really)

For example, to compare, if you go to a bandit (fruit machine) at the motorway services, you will get 70% (exactly as it happens!)
Sea front in popular place, about 74%
Gala bingo halls are 82%
Mecca bingo halls are 84%
Quicksilver shops in the street are 90%



probability is if theres less paid out than paid in you'll lose money, the chances of you been a billion winner are less than a billion to one with that stake you paid in, thats probabilty

i try to avoid gambleing, consider myself vulnerable
I would to be honest. However, if I were you I would buy 1 lottery ticket per week, but expect nothing from it. We'd have to be nit-picking to say this is gambling... and as the advert says, It could be you! ;)
 
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boudreauj4

boudreauj4

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Well, I didn't win. Not even the $2 this time which has 25-1 odds. At least I got to dream of big money for a few days.....now back to reality. It's probably smarter to play the smaller lottery games that give out less money but have much better odds of winning. I think somebody won it this time because the jackpot went from 1.6 billion down to 40 million for the next drawing.
 
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