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Joined: Dec 06 2007 Location: Connecticut Posts: 11244

I'm not a gambler, but holy crap... Those aren't good odds.

Quote:

The odds of winning the lottery: roughly 1 in 160 million. (source: powerball.com)
The odds of getting killed in an automobile accident: .8 per 100 million passenger miles, or about 1 in 125 million per mile you drive. (source: National Safety Council)
So if you drive five miles to get a lottery ticket, you are nearly six times more likely to die on the way there than you are to win the lottery.

http://www.reddit.com/r/AskReddit/comments/ls5fi/the_powerball_is_203_million_what_are_some/c2v6dw3

Posted: Oct 28 2011 01:12 pm

*shrugs*

You gotta be in it to win it.

I don't care if it's a "Tax for the stupid". Spending a dollar a week isn't killing me.

Joined: May 22 2008 Location: Goshen, VA Posts: 6544

I've just never been a lottery guy. It's kinda silly.

Joined: Dec 06 2007 Location: Connecticut Posts: 11244

I just looked up the numbers... they are slightly off, but the same principles apply.

1 in 195,249,054.00
http://www.powerball.com/powerball/pb_prizes.asp

1 per 182 million passenger-miles
.55 per 100 million passenger-miles
http://www.nsc.org/news_resources/Resources/res_stats_services/Pages/FrequentlyAskedQuestions.aspx#Question10

UsaSatsui's Youtube Channel · Posted: Oct 28 2011 02:12 pm

You also need to consider far more people drive a mile than win the lottery. And since you see news about car accidents daily, that makes the odds seem much more appealing.

I think Atma has it right. I can't see people spending a whole ton of money on it. But the odds of winning at 1 in 195 million are far better than the odds at 0 in 195 million.

And think about it - when the prize gets up over 200 million, which seems to happen a lot, the lottery actually becomes a smart bet.

Posted: Oct 28 2011 02:21 pm

UsaSatsui wrote:

And think about it - when the prize gets up over 200 million, which seems to happen a lot, the lottery actually becomes a smart bet.

The way I look at it.

$48 Bucks a YEAR for the chance to win $200 Million?

That's less than a PS3 game for the chance to never have to work again. Take care of my family. Put all financial woes behind me.

Plus It gives me a reason to watch the news or read a newspaper.

Joined: Dec 06 2007 Location: Connecticut Posts: 11244

1 in 195 million vs 0 in 195

0.00000000512820
vs
0.000000000

The odds of earning 200 million in a lifetime is much better than winning it. Might as well make some additional money along the way.

Posted: Oct 28 2011 02:31 pm

It depends on the game you play as well. Texas Lottery is approximately 1 in 25 million. The jackpots are typically smaller, but still plenty of money. It's not a wise investment scheme, sure, but if it's for fun, why not?

UsaSatsui's Youtube Channel · Posted: Oct 28 2011 02:36 pm

GPFontaine wrote:

1 in 195 million vs 0 in 195

0.00000000512820
vs
0.000000000

The odds of earning 200 million in a lifetime is much better than winning it. Might as well make some additional money along the way.

You say that like winning the lottery and earning $200 million the hard way are mutually exclusive options.

Tomdincan wrote:

It depends on the game you play as well. Texas Lottery is approximately 1 in 25 million. The jackpots are typically smaller, but still plenty of money. It's not a wise investment scheme, sure, but if it's for fun, why not?

This is the key. It's for fun. It's a giddy little thrill for a reasonable price. Yeah, there's no reasonable chance of winning, but SOMEONE has to win. And the money does go to a good cause (most state lotteries go towards education and the like).

The problem is when people go nuts with it. Buying hundreds of scratch-offs. Spending hundreds on tickets. When people see it as a legitimate investment, THAT is a problem.

Posted: Oct 28 2011 04:58 pm

Lisa: "Dad, the odds of winning the lottery are 300 million to 1."

Homer: "You mean......300 million to 50!" *holds up 50 lottery tickets*

Posted: Oct 28 2011 05:16 pm

This is why I play scratchers.

Posted: Oct 28 2011 05:30 pm

The-Excel wrote:

This is why I play scratchers.

I play scratchers every now and again.

I'm pretty sure I posted a pic somewhere on this forum when I won $500 bucks.
Really, it's just a fun stress relief that's brings a small shot of joy and thrill when I see the word "TICKET" or "5,00" pop up as a win.
I'm not expecting to get rich off of it. Otherwise every dollar I had would go into it.

Rob Dyrdek (the professional skateboarder who was a couple of shows on MTV for you who don't know) did a thing where he bought Eleven Hundred and Sixty Dollars worth of Quick Picks and didn't come close to getting his money back.

Posted: Oct 28 2011 05:48 pm

I got $400 from a scratcher one Thanksgiving. I also won on the first two tickets I've ever bought. One of these days I'm going to graduate to the big ones.

Posted: Oct 28 2011 06:52 pm

I've never bought a lottery ticket. If you play, cool, as long as you don't get obsessive over it. If not, join me and we'll put our money to an infinitely more beneficial use, such as a healthy fast food meal or a constructive video game.

Although I must say that while I'm okay with gift cards, gifting someone lottery tickets for Christmas and otherwise is kind of thoughtless. Then again, if I won $400 from such an event, I'd honestly be pretty happy.

Posted: Oct 28 2011 10:57 pm

I am in the "buy one a week for fun" camp, and I also throw in a dollar into a Lotto pool at work. The odds of winning are astronomical, but I dont think two dollars a week (power ball draws twice weekly in Louisiana, not sure about everywhere else) is a waste for even a minuscule chance at $quitmyjobandbesetforlife.

I am a lucky gambler however. I walked into a casino with $100, hit a royal flush within my first five hands and walked out with $3000.

Posted: Oct 28 2011 11:01 pm

I buy a ticket any time I visit a place away from home that sells them. My only rule is to stop once I break even on a single ticket.

UsaSatsui's Youtube Channel · Posted: Oct 29 2011 12:20 am

Think of it this way. Every time you don't play, and your numbers don't come up, you just won a buck!

The downside is, if your numbers do come up, you just lost a freaking fortune.

Posted: Oct 29 2011 09:11 am

On some of the bigger games, the odds on the ancillary prizes aren't that bad. For Mega Millions, it's 1 in 3.9 million to get 5 of 5 with no bonus ball. That gets you $250,000.

I run a lotto pool with some friends. There's ten of us, and we each chip in $3 a drawing. We've only won a bunch of $3 prizes so far, but we enjoy it. It's fun for me to go to the store and ask for $30 in tickets. I've gotten the side eye a few times.