Know Any Cruisers Who Have Won the Lottery ?

[rdempsey]

Originally Posted by GordMay

A bet is worth making when the AFTER-TAX rewards are multiple of the cost to play, at least equal to the odds of winning.

Thats one nice thing about Canadian lotteries, NO TAXES!
Of course you have to win it before you don't pay any taxes on it!

[malovich]

The best way to be better off while cruising is this, buy some assets, not liabilities. These will give you some extra cash every month to pay for living expenses. Get a subscription to money magazine to assist you in managing what you do make and read these 2 books: "the millionaire next door" and "rich dad poor dad"

[RainDog]

Originally Posted by GordMay

Here is a sampling of the odds of some of the World's Great Lotteries:

LOTTERY TYPE Odds 1 Chance in:
US PowerBall 5/45 + 1/42 80,089,128

Not to get too picky, but this number does not look correct.

[RainDog]

Originally Posted by Troubadour52993

Having a basic smattering of statistics, I buy a powerball ticket only when the payoff is greater than $80 million, because then at least it's a "fair game", payoff is commensurate with the risk.

This works better if you buy every possible combination of numbers. Someone actually tried that in the 80's when the Florida jackpot got large enough to make it worthwhile. They only made it about 1/2 way through the numbers, but they got the winner.

[GordMay]

Originally Posted by RainDog

Not to get too picky, but this number does not look correct.

I'm beginning to agree; but I'm not a math's guy.
Help us out here.

[RainDog]

Originally Posted by GordMay

US PowerBall 5/45 + 1/42 80,089,128
US The Big Game 5/50 + 1/36 76,275,360

I had trouble with these two side by side. Seems like 5/45 should have better odds than 5/50, even with the + values. If you run the numbers you get:

5/45 - This is "45 choose 5", which Google says is about 1.2 million. The 1/42 just multiplies it by 42, so it is about 51 million. So assuming the 5/45 + 1/42, the odds would be 1 in 51 million.

The other game is "50 choose 5", which Google claims is 2.1 million. The 1/36 multiplies it by 36, for 1 in 76,275,360.

[Troubadour52993]

Maybe they've changed the game a bit, I seem to remember the 1:80 million number. Obviously I haven't bought a ticket in a while, my gambling is limited to what's going to break next, and which hatch/portlight is going to leak next ;-)

The game doesn't know whether taxes are paid or not so I base a "fair game" payout on the game. If roulette paid 1:38 for a single number, it would be fair since there are 38 slots on the wheel. Alas, the payout is usually 1:25, an edge for the house. They also let you pay your taxes if you win.

One other difference is if 3 people bet on 13 on the wheel and it hits, the house pays everyone. The lottery splits the single payout. I remember one California lottery that went to around $50 million; people started pouring in over the Nevada border and buying tons of tickets. The actual payout was something like $58 million but 4 or 5 tickets hit. Some of those tickets were bought by groups that pooled their money. They profiled an individual who pooled with his bowling league buddies, he was getting something like $1300 a year for 30 years. I'd like that added to my cruising kitty, but not quite what you expect when you think of $58 MILLION <assume Dr Evil stance with pinkie to mouth> dollars.