+EV Lotto ticket: How much would you buy?
January 14th, 2017 at 8:44:34 AM
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Lets say each ticket is $1 and the odds of winning is 1 in 150k.
fed + state taxes = 40%
so a jackpot of $250k = breakeven
Lets says the jackpot rolls over to $275k.
I'd buy $50 worth because it's a nice round #.
How many tickets would you buy?
Why that amount?
fed + state taxes = 40%
so a jackpot of $250k = breakeven
Lets says the jackpot rolls over to $275k.
I'd buy $50 worth because it's a nice round #.
How many tickets would you buy?
Why that amount?
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
January 14th, 2017 at 9:19:53 AM
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Variance is sky high with lotto and there is the possibility of multiple winners. Another thing to keep in mind is a lot of the mid level prizes in some games are not fixed wins...
With all that said, I would only spend enough so that I can have a little fun with the "what would I do if I won" conversation with someone. I do really enjoy telling people that I'd keep every dime and share with no one, especially after they get done talking about buying houses for their family or giving a big chunk to charity. People look at me like I'm the second coming of Clinton, or Trump, or Satan, or whoever they most hate. It's basically the same feeling I get when I trigger someone to full tilt mode playing a 3/6 holdem game.
I'm starting to smile just thinking about all this!
Anyway, I can't imagine there is any meaningful difference in buying $1 in tickets vs $100 dollars in tickets until you get to a point where you've covered a significant number of possible combinations.
That does make me wonder... How fast does that ticket printing machine print? How long would it theoretically take to print 100% of the number combinations? For little lotto games that draw daily, or multi state games that draw 2x per week, is there even enough time to print enough tickets to cover all winning combinations?
I feel like I'm starting to go off the deep end now.
With all that said, I would only spend enough so that I can have a little fun with the "what would I do if I won" conversation with someone. I do really enjoy telling people that I'd keep every dime and share with no one, especially after they get done talking about buying houses for their family or giving a big chunk to charity. People look at me like I'm the second coming of Clinton, or Trump, or Satan, or whoever they most hate. It's basically the same feeling I get when I trigger someone to full tilt mode playing a 3/6 holdem game.
I'm starting to smile just thinking about all this!
Anyway, I can't imagine there is any meaningful difference in buying $1 in tickets vs $100 dollars in tickets until you get to a point where you've covered a significant number of possible combinations.
That does make me wonder... How fast does that ticket printing machine print? How long would it theoretically take to print 100% of the number combinations? For little lotto games that draw daily, or multi state games that draw 2x per week, is there even enough time to print enough tickets to cover all winning combinations?
I feel like I'm starting to go off the deep end now.
January 14th, 2017 at 9:31:02 AM
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Quote: 100xOddsLets say each ticket is $1 and the odds of winning is 1 in 150k.
fed + state taxes = 40%
so a jackpot of $250k = breakeven
Lets says the jackpot rolls over to $275k.
I'd buy $50 worth because it's a nice round #.
How many tickets would you buy?
Why that amount?
https://en.wikipedia.org/wiki/Lottery_wheeling
"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice."
-- Girolamo Cardano, 1563
January 14th, 2017 at 11:07:29 AM
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Quote: 100xOddsHow many tickets would you buy?
Why that amount?
1) 150,000
2) it would lead to a $15,000 profit
January 14th, 2017 at 11:43:33 AM
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What if someone else did the same thing? How's your profit now?Quote: TomG1) 150,000Quote: 100xOddsHow many tickets would you buy?
Why that amount?
2) it would lead to a $15,000 profit
What if it was several somebodies?
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I might throw $10 at it. Last time, I did $10, my bother did $20. I told him he was twice the loser I was...
I invented a few casino games. Info:
http://www.DaveMillerGaming.com/ —————————————————————————————————————
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
January 14th, 2017 at 11:52:36 AM
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Quote: DJTeddyBearWhat if someone else did the same thing? How's your profit now?Quote: TomG1) 150,000Quote: 100xOddsHow many tickets would you buy?
Why that amount?
2) it would lead to a $15,000 profit
What if it was several somebodies?
Still $15,000, according to the original criteria. If a jackpot could be split, it would be a -EV lottery
January 14th, 2017 at 1:18:16 PM
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If only we knew the results before we made the bet...
January 14th, 2017 at 3:27:42 PM
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You're basically asking us if we want to be an insurance provider. No, there's a reason I'm the one paying the premiums.
Edit: Ok, not exactly, the principle is there. I would not be willing to lay 150-200k because I can't afford it. However, I'd love to give you 250k for a guaranteed profit.
Edit: Ok, not exactly, the principle is there. I would not be willing to lay 150-200k because I can't afford it. However, I'd love to give you 250k for a guaranteed profit.
Its - Possessive; It's - "It is" / "It has"; There - Location; Their - Possessive; They're - "They are"
