And I believe I typo'ed it anyway, as I believe it should be once every 2900 years, not 29,000, but it gets the point across. Even though it appears like it, buying 1000 tickets does not increase your odds. You do have 1000 tickets with the same odds of winning.
Uh...if you have 1,000 tickets, each with a 1 in 175,711,536 chance of winning, then don't you have a 1 in 175,711.536 chance of winning (which is a significant increase over the 1 in 175,711,536 chance you had with just 1 ticket)?
I'll probably pay the stupid tax and buy a ticket or two for this one since the payout is so high. The odds actually make sense at anything about $175M if Jody's math is right, I forgot everything from Statistics 101 a long time ago so I'm not bothering to check. Just kept the part that applies to dice in craps.
Originally posted by racrguy
What's your beef with NPR, because their listeners are typically more informed than others?
Originally posted by racrguy
Voting is a constitutional right, overthrowing the government isn't.
I'll probably pay the stupid tax and buy a ticket or two for this one since the payout is so high. The odds actually make sense at anything about $175M if Jody's math is right, I forgot everything from Statistics 101 a long time ago so I'm not bothering to check. Just kept the part that applies to dice in craps.
Yeah, basically, chance of winning x payout = value. Whenever value > price of a ticket, it's the statistically correct play, even if you're going to lose. Of course, there are more ways to win than just hitting the jackpot, so the jackpot can be a little lower to break even.
So lets say you did win what would be the first major purchase you would make? Me? Gotta have it green 2013 shelby and enough gas to get me to my parents house in michigan, now that would be one hell of a road trip!
Originally posted by Nash B.
Damn, man. Sorry to hear that. If it'll cheer you up, Geor swallows. And even if it doesn't cheer you up, it cheers him up.
Uh...if you have 1,000 tickets, each with a 1 in 175,711,536 chance of winning, then don't you have a 1 in 175,711.536 chance of winning (which is a significant increase over the 1 in 175,711,536 chance you had with just 1 ticket)?
Nope, but that is where most people get it wrong. You have 1000 1:175m tickets. It is statistically very similar odds. The statistician that was on the show stated very plainly that the first bump that actually increases your odds very slightly is about $70,000 in unique number sets. Please keep in mind that quick picks are not random, they just use random number generators to appear random, and are as close as you can get to random.
The balls picked are actually truly random, or as close as science and accounting can get them. The science is actually interesting. I wish I had recorded the show.
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