MegaMillions lottery

[Candor]

I almost never play the lottery, but I made an exception yesterday and bought 50 tickets. 46 of them were losers. The 47th and 48th tickets are worth a dollar, the 49th ticket is worth two dollars, and the last ticket matched three numbers plus the powerball and is apparently worth a whopping fifty bucks. So I came out four dollars ahead.

And I bet that beats out anyone else on this board who bought tickets. So nyah nyah nyah :).

[Methais]

I won the whole $600 million.

Gonna buy Simu and call it a day.

[tallkris3]

I almost never play the lottery, but I made an exception yesterday and bought 50 tickets. 46 of them were losers. The 47th and 48th tickets are worth a dollar, the 49th ticket is worth two dollars, and the last ticket matched three numbers plus the powerball and is apparently worth a whopping fifty bucks. So I came out four dollars ahead.

And I bet that beats out anyone else on this board who bought tickets. So nyah nyah nyah :).

Why did I think the tickets were $2 each.

[Tgo01]

Why did I think the tickets were $2 each.

You have Powerball on the brain.

[tallkris3]

You have Powerball on the brain.

To many damn lottos. Lets just make one big one and have it be worth huge cash every week.

Be like the "El Gordo" except more often then once a year.

[Drew]

I did not win the money.

[Ker_Thwap]

Lotteries are for suckers.

[Candor]

Lotteries are for suckers.

...but I'm four bucks ahead, and I'm stopping. Pffffttttt :)

[Candor]

I won the whole $600 million.

Gonna buy Simu and call it a day.

How did you win the whole 600 million when there were two winners in different states?

[Tgo01]

How did you win the whole 600 million when there were two winners in different states?

I could be wrong but I think he was joking.

[Latrinsorm]

David Whatley lost hundreds of millions in HJ alone. Obviously you can't buy Simu for a mere $600m.

[Ceyrin]

I could be wrong but I think he's a joke.


Fixed.

[Suppressed Poet]

http://www.youtube.com/watch?v=A939QRRSNV4&feature=youtube_gdata_player

[Methais]

How did you win the whole 600 million when there were two winners in different states?

I was on a cross country trip and by chance decided to buy a ticket while I was in Georgia and another when I was in California.

[diethx]

I was on a cross country trip and by chance decided to buy a ticket while I was in Georgia and another when I was in California.

What's truly weird is that you got the same quick pick numbers in both states. Wild, man. Just wild.

[Methais]

What's truly weird is that you got the same quick pick numbers in both states. Wild, man. Just wild.

But I never said it was a quick pick.

WHY ARE YOU DOING THIS TO ME?!?!?!

[diethx]

Of course it was a quick pick. It wouldn't make sense for you to buy two tickets with the same numbers. Don't think you can fool us!

[Bobmuhthol]

Of course it was a quick pick. It wouldn't make sense for you to buy two tickets with the same numbers. Don't think you can fool us!Actually it would, for precisely this kind of situation. If there are multiple winners, you want to own as many tickets of the winning tickets as possible. I don't know how the lottery systems actually handle this situation, but presumably owning 2/3 winning tickets gives you 2/3 of the jackpot.

[Tgo01]

Actually it would, for precisely this kind of situation. If there are multiple winners, you want to own as many tickets of the winning tickets as possible. I don't know how the lottery systems actually handle this situation, but presumably owning 2/3 winning tickets gives you 2/3 of the jackpot.

But let's say you knew there would be one other winner no matter what. Is the chance to get an extra 16% of the winnings worth the chance of not increasing your odds to win in the first place by buying another set of numbers?

[diethx]

Thank goodness Bob was here to remind us that we shouldn't be joking or having any fun.

If we're going to be serious, then sure, if you knew what numbers were going to hit, it would make lots of sense to buy lots of tickets with those numbers. However, NOT knowing what numbers would come up, it would make more sense to buy multiple different sets of numbers to increase your chances of winning something.

[Bobmuhthol]

There's no real answer to what "makes more sense" between buying the same ticket multiple times or different tickets. The two strategies do different things, neither of which is better than the other in all circumstances.
But let's say you knew there would be one other winner no matter what. Is the chance to get an extra 16% of the winnings worth the chance of not increasing your odds to win in the first place by buying another set of numbers?The whole point is that you don't know. So you're asking, under the condition that you don't know whether you will win or not, and you have $2 to play with, whether you should buy different numbers or not. Your unconditional expected winnings double from virtually nothing to two times virtually nothing if you buy different tickets. But your conditional winnings go from $300m to $400m given a win. There are certainly people (likely myself included) who would make the second bet.
Thank goodness Bob was here to remind us that we shouldn't be joking or having any fun.Sorry I'm not sorry.

Some light reading on whether it's optimal to play the lottery in the first place: http://en.wikipedia.org/wiki/Kelly_criterion

[Latrinsorm]

Ah, but have you considered See also: Proebsting's paradox If everyone reading this donated $3, the fundraiser would be over today.? Sincerely, Shia LaBeouf.

[Bobmuhthol]

I never looked at the paradox, and immediately after reading what it was I thought, "yeah but Kelly only works for constant odds." The first sentence of the Resolution section made me very happy.

[Jarvan]

Of course it was a quick pick. It wouldn't make sense for you to buy two tickets with the same numbers. Don't think you can fool us!

He forgot he got one in Georgia, Duh.

[waywardgs]

The lottery is a tax on people who can't do math.

It funds, in part, education.

You do the math!!!

[Gelston]

He bought one with his numbers and then the quick pick gave him the exact same numbers. Duh.

[Candor]

I'll want to see the stories of the winners and what happened to them after their names went public. Makes for great reading.