Probability Distribution for a MUST HIt Jackpot
October 23rd, 2016 at 3:35:19 PM
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I am trying to work out how to calculate the probability of each number of hits for a must hit jackpot for a given amount of play.
I know the average is one hit every $1,000,000 so if the handle is $5,000,000 what is the probability of 0,1,2,3,4,5,6...hits?
For a normal jackpot a simple Binomial would work, but because this is a MUST HIT the probability of 0 or 1 hits is Zero in the above scenario. Is there a formula I can use to calculate this?
I know the average is one hit every $1,000,000 so if the handle is $5,000,000 what is the probability of 0,1,2,3,4,5,6...hits?
For a normal jackpot a simple Binomial would work, but because this is a MUST HIT the probability of 0 or 1 hits is Zero in the above scenario. Is there a formula I can use to calculate this?
