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$310 Million Expected Winnings for Mega Millions

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Originally posted by: JLGatsby
Buying a lottery ticket would rob me of my self respect. For most people the 1 in 100 million odds are the only chance they'll ever alter their miserable lives. If you've managed to find your way to a computer forum, you should be above that.
Click to expand...

when the odds are 1 in 100 million and the prize is $300 million the bet is in your favor.

and that isn't even counting the chance of winning a non-jackpot prize.
 
The $1 I spend when the the winnings get up to 200 million is the best $1 I've ever spent for entertainment.

Thinking of everything I'd do an buy with that $320 million is well worth it. Of course you can still dream even if you don't buy a ticket, but I'm I have a 1 and 168,000,000 chance to make those dreams come true, compared to you, who has none.

I don't buy the tickets thinking I'm going to win, In fact, I know that chances are I won't win. Out of the 20 or so tickets I've bought since I've turned 18, I haven't won a single dollar. I don't care, it doesn't take the entertainment value away.
 
Originally posted by: ElFenix
Originally posted by: JLGatsby
Buying a lottery ticket would rob me of my self respect. For most people the 1 in 100 million odds are the only chance they'll ever alter their miserable lives. If you've managed to find your way to a computer forum, you should be above that.
Click to expand...

when the odds are 1 in 100 million and the prize is $300 million the bet is in your favor.

and that isn't even counting the chance of winning a non-jackpot prize.
Click to expand...

The bet is in your favor? So that makes lottery a good investment? That's funny, haven't heard of any investment advisors recommending lottery tickets.

The lottery is in your favor, wow. Congrats, that's seriously the stupidest comment I've ever heard from anyone online. That tops them all.
 
Originally posted by: JLGatsby
Originally posted by: ElFenix
Originally posted by: JLGatsby
Buying a lottery ticket would rob me of my self respect. For most people the 1 in 100 million odds are the only chance they'll ever alter their miserable lives. If you've managed to find your way to a computer forum, you should be above that.
Click to expand...

when the odds are 1 in 100 million and the prize is $300 million the bet is in your favor.

and that isn't even counting the chance of winning a non-jackpot prize.
Click to expand...

The bet is in your favor? So that makes lottery a good investment? That's funny, haven't heard of any investment advisors recommending lottery tickets.

The lottery is in your favor, wow. Congrats, that's seriously the stupidest comment I've ever heard from anyone online. That tops them all.
Click to expand...

Is posting on Anandtech a good investment? It's not so STOP POSTING.
 
What's the price per ticket, I havent lived in GA for about 2 1/2 years, and at the time I did, I couldnt buy lottery tickets (tehehehe). I'm going to convince the fiancee to go and buy a couple.
 
Originally posted by: surreal1221
What's the price per ticket, I havent lived in GA for about 2 1/2 years, and at the time I did, I couldnt buy lottery tickets (tehehehe). I'm going to convince the fiancee to go and buy a couple.
Click to expand...

You need to "convince" her to spend one dollar?
 
Originally posted by: JLGatsby
Originally posted by: ElFenix
Originally posted by: JLGatsby
Buying a lottery ticket would rob me of my self respect. For most people the 1 in 100 million odds are the only chance they'll ever alter their miserable lives. If you've managed to find your way to a computer forum, you should be above that.
Click to expand...

when the odds are 1 in 100 million and the prize is $300 million the bet is in your favor.

and that isn't even counting the chance of winning a non-jackpot prize.
Click to expand...

The bet is in your favor? So that makes lottery a good investment? That's funny, haven't heard of any investment advisors recommending lottery tickets.

The lottery is in your favor, wow. Congrats, that's seriously the stupidest comment I've ever heard from anyone online. That tops them all.
Click to expand...

i didn't say the lottery is a good investment, merely that with 1 to 100 million odds and a $300 million prize for $1 the bet is in your favor.

maybe you don't understand expected value. basically, it says that the expected value of a bet is the odds of winning multiplied by the payout amount. so, if the odds are as you say (they're actually worse, iirc) the expected value of a $1 bet is $3 return. and, as i stated, that isn't even counting for the non-jackpot prizes.

perhaps, given your lack of basic understanding, the dollar sign is not the avatar for you.

elfenix: 2 (counting the score from yesterday)
clueless noob: 0
 
Originally posted by: ElFenix
Originally posted by: JLGatsby
Originally posted by: ElFenix
Originally posted by: JLGatsby
Buying a lottery ticket would rob me of my self respect. For most people the 1 in 100 million odds are the only chance they'll ever alter their miserable lives. If you've managed to find your way to a computer forum, you should be above that.
Click to expand...

when the odds are 1 in 100 million and the prize is $300 million the bet is in your favor.

and that isn't even counting the chance of winning a non-jackpot prize.
Click to expand...

The bet is in your favor? So that makes lottery a good investment? That's funny, haven't heard of any investment advisors recommending lottery tickets.

The lottery is in your favor, wow. Congrats, that's seriously the stupidest comment I've ever heard from anyone online. That tops them all.
Click to expand...

i didn't say the lottery is a good investment, merely that with 1 to 100 million odds and a $300 million prize for $1 the bet is in your favor.

maybe you don't understand expected value. basically, it says that the expected value of a bet is the odds of winning multiplied by the payout amount. so, if the odds are as you say (they're actually worse, iirc) the expected value of a $1 bet is $3 return. and, as i stated, that isn't even counting for the non-jackpot prizes.

perhaps, given your lack of basic understanding, the dollar sign is not the avatar for you.

elfenix: 2 (counting the score from yesterday)
clueless noob: 0
Click to expand...

ElFenix, prepare to get owned.

First. You will not get $300m from a $310m jackpot. About 95% of winners take the cash option, so they will only get half, thus $160m. Then you must pay income taxes on the amount, which will be 35%. Now you're down to about $104m.

Secondly. What does the phrase "in favor" mean? It's relative. In favor compared to what? A typical investment? So the average return is the same on the lottery as it is in say, the stock market, where the majority of the people who invest walk away with a profit? I don't thnk so.

Thirdly. Tens of millions of people play the lottery, only a few dozen win. With those sort of odds, for anyone to say that the lottery is in your favor is a complete idiot.

And to say I don't have a "basic understanding" because I "understand" that out of TENS OF MILLIONS of people, only a few dozen win is complete idiocy.

You know I'm right, so cram it.

Keep hanging on to your lottery pipe dream, that must be all you've got.
 
Whatever! $104 mill is still a big amount of moolah for me and for that matter for all of us.🙂

Will buy my tickets just to have a chance of winning. If you don't buy any then you got no chances...whatever the odds are.:laugh:
 
Originally posted by: rdgr8
Whatever! $104 mill is still a big amount of moolah for me and for that matter for all of us.🙂

Will buy my tickets just to have a chance of winning. If you don't buy any then you got no chances...whatever the odds are.:laugh:
Click to expand...

Every year tens of thousands of people become millionaires outside of the lottery, as opposed to the lottery, where only a few dozen may become millionaires.

You have a much much better chance of starting a successful business and becoming a billionaire than winning the lottery for a measly 100 million, which could easily be spent.
 
Originally posted by: JLGatsby
Lottery = white trash investment pool.

I promise you, you will all lose.
Click to expand...

WTF? Welcome to AT, were you known by 'ducknuts' ever?

seriously, throwing a few bucks into a $100MM cash prize is hardly stupid. My average drink out is more than that.

Now if someone was throwing all they had into any lottery that would be stupid.
 
Originally posted by: surreal1221
Originally posted by: her209
Originally posted by: JLGatsby
Lottery = white trash investment pool.
Click to expand...
I'm not white.
Click to expand...

lol, owned.

If lotteries will continue to fund education. . . then hell, I'm in, as we all know tax money and funding from government grants is still not enough to keep us educated compared to the rest of the world.
Click to expand...

You should know that for every lottery dollar, most states take back one of their dollars for education. This is common in a lot of private ventures to add to the state's or federal money.

The only real winner in lotteries and casinos are the owners. However, if I can be one of the chumps that gets the winning ticket despite the rest of my 'team' losing...so be it.

 
Originally posted by: JLGatsby
ElFenix, prepare to get owned.

First. You will not get $300m from a $310m jackpot. About 95% of winners take the cash option, so they will only get half, thus $160m. Then you must pay income taxes on the amount, which will be 35%. Now you're down to about $104m.

Secondly. What does the phrase "in favor" mean? It's relative. In favor compared to what? A typical investment? So the average return is the same on the lottery as it is in say, the stock market, where the majority of the people who invest walk away with a profit? I don't thnk so.

Thirdly. Tens of millions of people play the lottery, only a few dozen win. With those sort of odds, for anyone to say that the lottery is in your favor is a complete idiot.

And to say I don't have a "basic understanding" because I "understand" that out of TENS OF MILLIONS of people, only a few dozen win is complete idiocy.

You know I'm right, so cram it.

Keep hanging on to your lottery pipe dream, that must be all you've got.
Click to expand...

i'm purchasing with pretax dollars, so i don't need to remove the tax.

i don't know why you keep trying to compare what i've said to an investment. stop trying to force words into my mouth.

and you're not accounting for non-jackpot winnings, which skews the expected return toward the person purchasing the ticket (and who knows, it might actually outweigh the tax).

the fact of the matter is that the odds go into the expected value equation. so if the expected value equation is in your favor, which i believe it might be, already takes into account the long odds. that is your lack of basic understanding. yes, the odds are long. no one is disputing that. the size of the jackpot can outweight the long odds, which you can't get your thick skull around.
 
People who mention the odds don't understand what you are buying when you buy a lottery ticket... you are buying a little bit of hope. You don't really expect to win but you can't win if you don't play.

A little bit of hope for a buck seems like a deal to me. :beer:

 
Originally posted by: alkemyst
Originally posted by: surreal1221
Originally posted by: her209
Originally posted by: JLGatsby
Lottery = white trash investment pool.
Click to expand...
I'm not white.
Click to expand...

lol, owned.

If lotteries will continue to fund education. . . then hell, I'm in, as we all know tax money and funding from government grants is still not enough to keep us educated compared to the rest of the world.
Click to expand...

You should know that for every lottery dollar, most states take back one of their dollars for education. This is common in a lot of private ventures to add to the state's or federal money.

The only real winner in lotteries and casinos are the owners. However, if I can be one of the chumps that gets the winning ticket despite the rest of my 'team' losing...so be it.
Click to expand...

Wouldn't it be a better education to teach them the logic that would prevent them from playing the lottery?

Think of how much better the world would be if people didn't fall for scams like that.
 
Originally posted by: ElFenix
Originally posted by: JLGatsby
ElFenix, prepare to get owned.

First. You will not get $300m from a $310m jackpot. About 95% of winners take the cash option, so they will only get half, thus $160m. Then you must pay income taxes on the amount, which will be 35%. Now you're down to about $104m.

Secondly. What does the phrase "in favor" mean? It's relative. In favor compared to what? A typical investment? So the average return is the same on the lottery as it is in say, the stock market, where the majority of the people who invest walk away with a profit? I don't thnk so.

Thirdly. Tens of millions of people play the lottery, only a few dozen win. With those sort of odds, for anyone to say that the lottery is in your favor is a complete idiot.

And to say I don't have a "basic understanding" because I "understand" that out of TENS OF MILLIONS of people, only a few dozen win is complete idiocy.

You know I'm right, so cram it.

Keep hanging on to your lottery pipe dream, that must be all you've got.
Click to expand...

i'm purchasing with pretax dollars, so i don't need to remove the tax.

i don't know why you keep trying to compare what i've said to an investment. stop trying to force words into my mouth.

and you're not accounting for non-jackpot winnings, which skews the expected return toward the person purchasing the ticket (and who knows, it might actually outweigh the tax).

the fact of the matter is that the odds go into the expected value equation. so if the expected value equation is in your favor, which i believe it might be, already takes into account the long odds. that is your lack of basic understanding. yes, the odds are long. no one is disputing that. the size of the jackpot can outweight the long odds, which you can't get your thick skull around.
Click to expand...

I would take odds Gatsby is a moron. Take it from me I know about these things :beer:😕:beer:
 
If we do a group buy and get ourselves an ATOT pool of several thousand tickets we can cut the odds to 1 in 5000 or so. Let's do this!
 
Originally posted by: Xenon
If we do a group buy and get ourselves an ATOT pool of several thousand tickets we can cut the odds to 1 in 5000 or so. Let's do this!
Click to expand...
There actually are people (companies, venture capitalists, I forgot) that raise the cash to buy one of every number combination when the jackpots get this high. Nothing like guaranteeing a win.
 
Originally posted by: Xenon
If we do a group buy and get ourselves an ATOT pool of several thousand tickets we can cut the odds to 1 in 5000 or so. Let's do this!
Click to expand...

That'd be like that guy who bought $500 worth of tickets for the powerball $340 million and didn't win a penny. I'd much rather stick with my one ticket.

 
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