Mega Millions Jackpot

[nissangirl74]

....is currently $540 million. The odds of winning.... 1 / 175 million. To give you an example of just how unlikely it is that you'll win, check this out:

* the likelihood of you dying on the field during a high school or college football game: 1 / 59 million
* chance of dying from an asteroid impact: 1 / 200-700,000
* chance of getting struck by lightning: 1 / 1 million
* chance of dying from a lightning strike: 1 / 3 million
* chance of you drowning in your bathtub: 1 / 840,000
* chance of becoming an astronaut: 1 / 12 million
* dying from a wasp, hornet, or bee sting: 1 / 6.1 million
* getting a royal flush: 1 / 649,000
* dying from eating a flesh-eating bacteria: 1/ 1 million
* dying from a shark attack: 1 / 280 million

That being said, I still might go and buy one. You can't win if you don't play, right?

[dre1507]

* dying from eating a flesh-eating bacteria: 1/ 1 million

My exact sentiment.

[RCA]

* chance of becoming an astronaut: 1 / 12 million

300 million US population / 12 million odds = 25 astronauts?
7 billion World population / 12 million odds = 583 astronauts?

[youtube]http://www.youtube.com/watch?v=Eyb1mJkUf5A[/youtube]

[alms24sebring]

Oh how I wish to be struck by lightning and live

[Bubba1]

....is currently $540 million. The odds of winning.... 1 / 175 million. \
That being said, I still might go and buy one. You can't win if you don't play, right?

Yes, but only one. Two tickets do not significantly improve your odds of winning.

[BusyBadger]

....is currently $540 million. The odds of winning.... 1 / 175 million. \
That being said, I still might go and buy one. You can't win if you don't play, right?

Yes, but only one. Two tickets do not significantly improve your odds of winning.

I don't know how many times I've tried to explain that to the mathematically challenged and wondered why they didn't get it, it improves the odds greally over someone that has only purchased one ticket, but in the end against the long odds it hasn't done anything.

If I win you thinkI can rent Road Atlanta for a NICO weekend?

[RCA]

Yes, but only one. Two tickets do not significantly improve your odds of winning.

It does significantly improve your odds of winning, but those improved odds are still a shot in the dark.

My question is this, when do you start to see diminishing returns when buying lotto tickets?

• Pay out is $540 million and your odds are 1 in 175 million.
  1 ticket is 1 in 175 million
  2 tickets is 1 in 87.5 million
  3 tickets is 1 in 58.3 million...
  
  ect...

[BusyBadger]

Yes, but only one. Two tickets do not significantly improve your odds of winning.

It does significantly improve your odds of winning, but those improved odds are still a shot in the dark.

My question is this, when do you start to see diminishing returns when buying lotto tickets?

• Pay out is $540 million and your odds are 1 in 175 million.
  1 ticket is 1 in 175 million
  2 tickets is 1 in 87.5 million
  3 tickets is 1 in 58.3 million...
  
  ect...

This is incorrect.

The odds haven't changed, for the actual odds to change the amount of combinations would have to be changed by increasing or decreasing the numbers drawn from the pool and/or the amount of numbers required to win.

If you buy two tickets the odds of each ticket do not change! Instead of dropping to 1:87.5 million, what you have instead is two chances at 1:175 million, these are not the same thing.

[DJ_B_Easy]

^I worked a lottery counter through college. I could not stand the people that couldnt grasp the concept off the odds of winning.

Im buying one for sure. Although that much money would scare me a bit. I play the Jersey Cash 5 often. It has much better odds and will still give you life changing money. Starts at $50,000 and rolls over until it hits. Jackpots can get up to 1 million, thats plenty for me.

[Encryptshun]

Tickets cost a buck. Odds of winning are 1:175 million (I thought it was 1 in 1.8 billion or something, though, weird). Jackpot is $540 million.

Someone needs to plunk down enough money to buy one of each ticket combination. Guaranteed win and you're $365 million ahead. I'm sure some hedge-fund manager is placing his on-line ticket order as we speak.

[DJ_B_Easy]

^Not if 2 other people also have the same number and you split. Then you are taking a loss of about 55 mil and thats with annuity payout. If you chose cash option you are out almost 100 mil.

[BusyBadger]

^ EDIT: DJ NINJA! Beat my post by a couple of minutes while I was pulling the Irish lotto link!

Tickets cost a buck. Odds of winning are 1:175 million (I thought it was 1 in 1.8 billion or something, though, weird). Jackpot is $540 million.

Someone needs to plunk down enough money to buy one of each ticket combination. Guaranteed win and you're $365 million ahead. I'm sure some hedge-fund manager is placing his on-line ticket order as we speak.

It's already been done - in Ireland in 1996.

Even when the jacko gets that high and it becomes finacially feasible there is still the risk of a split jackpot thus losing more money than you spent, even with a winning ticket.

I suppose the hedgers could always play the too big to fail card and try to get some government help.

[Encryptshun]

YES. THIS JACKPOT IS TOO BIG TO FAIL.

lol

[TTkickedin]

i would purposely make 1000 ones and wipe my a** with them on a daily basis, if i was that rich.

[bigbadberry3]

Just make sure to sign the back of your ticket.

[hannibal]

This is incorrect.

The odds haven't changed, for the actual odds to change the amount of combinations would have to be changed by increasing or decreasing the numbers drawn from the pool and/or the amount of numbers required to win.

If you buy two tickets the odds of each ticket do not change! Instead of dropping to 1:87.5 million, what you have instead is two chances at 1:175 million, these are not the same thing.

Exactly. Two tickets make your odds 2 : 175million (I heard 1 : 176million each but who's counting).

Ever played that squares game? choose a square in a 10x10 grid, one team gets the rows, the other gets the columns. Randomly draw numbers 0 thru 9 and assign a value for each row and a value for each column. If the score lands in your square, you win. I did this for the Super Bowl and pissed everyone off when I won with just one square.

Bottom line, one ticket is all you need...

[Bmore-coupe]

* the likelihood of you dying on the field during a high school or college football game: 1 / 59 million
* chance of dying from an asteroid impact: 1 / 200-700,000
* chance of getting struck by lightning: 1 / 1 million
* chance of dying from a lightning strike: 1 / 3 million
* chance of you drowning in your bathtub: 1 / 840,000
* chance of becoming an astronaut: 1 / 12 million
* dying from a wasp, hornet, or bee sting: 1 / 6.1 million
* getting a royal flush: 1 / 649,000
* dying from eating a flesh-eating bacteria: 1/ 1 million
* dying from a shark attack: 1 / 280 million

[youtube]http://www.youtube.com/watch?v=mDLoT5sWOmE[/youtube]

[Bubba1]

It does significantly improve your odds of winning, but those improved odds are still a shot in the dark.

My question is this, when do you start to see diminishing returns when buying lotto tickets?

• Pay out is $540 million and your odds are 1 in 175 million.
  1 ticket is 1 in 175 million
  2 tickets is 1 in 87.5 million
  3 tickets is 1 in 58.3 million...
  
  ect...

A lot of people get it wrong, but that's okay.

Think of it this way.
If you buy 1 ticket, the odds are 1 in 175 million of matching every single number
If you buy two, the odds are 2 out of 175 million.

Technically, you do improve your odds by buying additional tickets but that improvement is so microscopic, the odds of you winning it all effectively don't change.

[AppleBonker]

Exactly. Two tickets make your odds 2 : 175million (I heard 1 : 176million each but who's counting).

The actual odds are 1:175,711,536 per ticket. For the odds calculation (in case anyone cares):

There are 56 normal balls and 46 mega balls (lulz, balls). The total number of combinations for the 5 drawn normal balls is 56*55*54*53*52. Since the order that they are drawn doesn't matter (IE 1-2-3-4-5 is considered the same as 2-4-3-1-5), you divide this number by 5! (or 5*4*3*2*1). This gives you:

(56*55*54*53*52)/(5*4*3*2*1) = 458377920/120 = 3819816.

Then, multiply this by the number of options for the megaball (46).

3819816*46 = 175711536.

That means there are 175,711,536 possible different combinations of numbers that can be drawn. One ticket would be one of those options. Ta-da!

[300ZXttZMAN]

Oh how I wish to be struck by lightning and live

Be careful what you wish for.

[Dattebayo]

Where the hell does this money come from again? I mean, just last week it was at 490...

[DJ_B_Easy]

Just read a FB post that read something along the lines of "Im spending $250 on Pick 6 tickets because everyone else is playing the Mega Millions and Im sure to win!"

Are.......you.......serious.

[hannibal]

Where the hell does this money come from again? I mean, just last week it was at 490...

It was $380 million or so on Tuesday. The more people buy, the more the jackpot increases. I'm betting it'll hit $600 million before tonight's drawing. If there's not a winner, maybe we'll see a $1 billion prize for next Tuesday.

[DJ_B_Easy]

Im guessing $720 by 11:00 PM EST.

[Bubba1]

Im guessing $720 by 11:00 PM EST.

Yep, it might be tough but I think I could live on $720,000,000

[hannibal]

$640 million now!

[TTkickedin]

- 320 million to taxes.

[alms24sebring]

How much do you think you would actually get in a lump sum after taxes, less than 50%? Compare that to over a 20 year payment.

I should buy just for wtf's. I think I heard yesterday that this week, people spent $750 million on tickets.

Thats almost too much money for one person but I still hope Im that person...

[numbnuts240]

The actual odds are 1:175,711,536 per ticket. For the odds calculation (in case anyone cares):

There are 56 normal balls and 46 mega balls (lulz, balls). The total number of combinations for the 5 drawn normal balls is 56*55*54*53*52. Since the order that they are drawn doesn't matter (IE 1-2-3-4-5 is considered the same as 2-4-3-1-5), you divide this number by 5! (or 5*4*3*2*1). This gives you:

(56*55*54*53*52)/(5*4*3*2*1) = 458377920/120 = 3819816.

Then, multiply this by the number of options for the megaball (46).

3819816*46 = 175711536.

That means there are 175,711,536 possible different combinations of numbers that can be drawn. One ticket would be one of those options. Ta-da!

my brain has a hurt. yet it all made perfect sense.

[DJ_B_Easy]

How much do you think you would actually get in a lump sum after taxes, less than 50%? Compare that to over a 20 year payment

I think it varies by state. IIRC, NJ takes a little over a third off the top. This is why I just bought one cash value, one annuity. Oh, and my Jersey Cash 5, of course.