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I WON POWERBALL Channel Strip Plugins
Old 29th August 2007
  #31
Lives for gear
 

Quote:
Originally Posted by emkay View Post
What you're both missing is that the amount of the jackpot does not factor into the permutations and combinations involved in chance.
Funny, I didn't realize I was missing that.
Quote:
The jackpot could be a buck or a billion bucks. The only thing that counts are the number of tickets sold and the number of people who purchased the tickets.
In general, in gambling, the amount of money at stake does matter, as it factors into the "money odds," that is, the probability that you'll actually take in more money than you're putting out (poker is the classic case.) But in lotteries it doesn' t matter, for all of the reasons I blathered earlier.
Quote:
I always look sadly at the poor folks who might buy ten, twenty or a hundred bucks worth of tickets for the same draw. I try to explain to them how little, if any this increases their chance of winning. The only way to lessen the odds would be a fairly hefty purchase of a hell of alot of tickets and even then that can only increase the chance that you'll win something, but not necessarily the jackpot.
Buying more tickets (assuming you choose different numbers) does up your odds of winning the jackpot, but only from basically zero to a hairsbreadth above basically zero. It does not improve your money odds at all (so you'll lose just as much over the long term), and it means that you throw your money away more quickly.

There is actually a small risk to the state's bankroll, in that the smaller prizes are guaranteed payouts, irrespective of the amount of money wagered. So in theory, if everybody bet the same set of numbers and that led to a $5 payout for every ticket, the state would go broke. Ironically, if everybody bet the same numbers and hit the jackpot, the state would be safe (since the big winners would each get 53 cents, paid over 20 years.) But the law of large numbers makes it easy for the statisticians to fairly accurately predict the fixed payouts.
Old 29th August 2007
  #32
Lives for gear
 
DontLetMeDrown's Avatar
 

Cough it up

So... are you buying us gear? I could really use a Pacifica! heh

Congrats!
Old 18th September 2007
  #33
Gear Addict
 
Vandergraf's Avatar
 

Quote:
Originally Posted by HIGHENDONLY View Post
No, just paid a $1. Yea i won $200,000. But i'm already doing pretty well for myself. I'm going to give to my family.
Please consider adopting me and my humble studio. . . sure I am over 50, but hey! We could go gear shopping together, and you could tell me stories . . .
Wadda ya say, "dad" ?
Old 18th September 2007
  #34
Lives for gear
 
Vocalvoodoo's Avatar
 

Quote:
Originally Posted by HIGHENDONLY View Post
I GOT 5 NUMBERS and was 1 off on the powerball. This is great news yet sucks cause of how close..
Congrats! Nice turn of events for you!! Money doesn't buy love, but damn I'm sure it takes the sting off a little.
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