SaladTosser
Kill me now
Someone said it would be fun to stay at work and see how long it takes to get fired.
Lottery Fever!
Someone said it would be fun to stay at work and see how long it takes to get fired.
UpstateNYUPSer(Ret)
Well-Known Member
Nobody won the last drawing.
Brownslave688
You want a toe? I can get you a toe.
I do believe the odds of there actually being a winning ticket go up when there is a frenzy like this.
The more people that buy a ticket the more likely SOMEONE has the winner.
olroadbeech
Happy Verified UPSer
it's more trouble than it's worth. ( talking from an experience ) not on a mega million scale but we had a windfall about 15 years ago and it was nothing but a nightmare.
relatives, phone, IRS, phone calls, media , strangers, charities , and more. we ended the problems by giving it all up. it's a very long story.
but the gist of it is that unearned wealth ends up being a curse.
relatives, phone, IRS, phone calls, media , strangers, charities , and more. we ended the problems by giving it all up. it's a very long story.
but the gist of it is that unearned wealth ends up being a curse.
I'm.waiting for you all to buy the losers,so I can buy the winner.
burrheadd
KING Of GIFS
She is still sitting naked on the recliner. The lazy boy store isn't happy.
burrheadd
KING Of GIFS
Maybe she put a towel down first
Imagine the suction.
Scottyhawk
What is it? A brown box. Duh
Played 3 different sets of numbers yesterday one of them had 2 numbers picked correctly
Thats enough for another losing ticket!
Lol
Brownslave688
You want a toe? I can get you a toe.
I've got no problem
Saying NO
UpstateNYUPSer(Ret)
Well-Known Member
The lottery is the trailer park retirement plan.
Brownslave688
You want a toe? I can get you a toe.
For those that spend $10 or $20 a week sure but $2 I would of blown on something else anyway not really.
Brownslave688
You want a toe? I can get you a toe.
Playing the lottery is about expected value, not probability. It's not just the odds of winning, it also has to do with the expected rate of return.
Think of it this way, suppose that we played a game where we shuffled a deck and picked the card from the top. If the card is the ace of spades I give you $0.01, any other card and you give me $0.01. Would you play?
How about if we changed the rules and I gave you $5 each time the ace of spades comes up, would you play then?
The expected value for the lottery is the probability of winning times the amount you win minus the probability of losing times the cost of the ticket. If the expected value is positive then you should play, if it is negative you shouldn't. If it's zero, it's up to you.
For example what if your odds of winning are 1/1000, the payoff is $1, and each ticket costs $1, would you play? I wouldn't, and here are the numbers to back it up: your expected value is
E = odds of winning * amount you win - odds of losing*amount you lose
= 1/1000*$1 - 999/1000*$1
= -.998
That game is a loser, you should expect to lose $0.998 every time you play.
If the payoff is $400 and the cost of the ticket is $.50 then it might not be as obvious if you should play or not. But, your expected value is
1/1000*$10 - 999/1000*$0.5 = -0.0995
Better, but still a loser of about a dime each time you play.
If the payoff is $1,0000,000 and the cost of the ticket is $0.01 then your expected value is
1/1000*$1,000,000 - 999/1000*$0.01 = 999.99001
The expected value is positive, so you should play. In that case you should buy all 1,000 tickets for $10 and pocket the $1,000,000 for a profit of $999,990.
Forgive any math errors ahead of time, hopefully this gives you the idea.
We can all have a shot for 2 bucks.
UpstateNYUPSer(Ret)
Well-Known Member
At the lottery or olroadbeech?
Umm....
I'll answer that when I quit laughing.
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