Lottery Ripoff
- Thread starter probyn
- Start date
I think it depends on how many people have the same numbers. In your case over 5400 people got the same numbers. If you were the only one, you probably would have won over $610K.
Yes he is absolutely right 5412x $113.60= $614 803.20
So if you were the only winner you would have got $614803.20
For a better chance to win consider playing with the Terb Lotto group
You weren't close to winning the jackpot. The odds of matching 5/7 numbers per play is 1 in 1,584. The odds of hitting the jackpot is 1 in 28,633,528. It always amuses me that some people can't wrap their heads around this concept. Matching 7 numbers is exponentially harder than matching 6 numbers, which is exponentially harder than matching 5 numbers, etc.
Yes, the lottery is a ripoff. But that's because the majority of the funds don't go into the prize pool.
and before them, the PC's fucked us over ...and before them the NDP fucked us over.... you see the pattern here?
I've won money here and there, including 5 out of 7 in Lotto Max. I also participate in Terb's Group Play.
All that money spent, would equate to a lot of REAL good fucking. But if you don't pay, you can't play, and if you don't play, you can't win.
Excellent explanation. It's not so bad at all. It's just that many other people shared in that prize pool. When are we going to win big Fred?
i thuoght lotto max was a nation wide lottery, im not sure if the OLG has anything to do that being a rip off...but judging from your posting history, making sense is not one of your strong points
Exactly what I was going to say. for instances Pick 2 cost $2 and you have a 1 in 100 chance to win but only win $100. A fair game the payout would be $202.
Pick 3 only 1/2 of the money goes into the pot.
You can go the casino and play slots, and even if they are rigged to payout less (which I heard they do and just pay the fines) you can still get a better expected payout.
However, funds raised by the OLG does supposedly go to a good cause like hospitals.
What really amuses me is when people buy multiple tickets on the same draw. They think that buying TWO tickets doubles their chances of winning, or even a hundred tickets on a big jackpot.
In fact, the odds only go to 2 in 28,000,000 or 100/28,000,000
I buy a 6/49 and Lotto Max ticket simply because:
1, Somebody wins, and if I don't have a ticket then it can never be me.
2. Throwing away $8 will not affect my life this week and burning $500 won't change my life over the year either.
3. Winning tens of millions of dollars will change my life!
It does double their chances, but it's still a long shot (it doesn't reduce the odds of winning by half)!
Maybe. Listen, I know a guy who spent $50 a week for years playing Lotto 649. He finally won $5 million. You never know. The more tickets you buy, the better, however, one still has to play within their limits. The opportunity cost of buying those tickets could be too high.
It's true you never know. And this is why we do it. There is also this thing called survivorship bias. You know about this guy who finally won, but you don't know about all the many who spent that much or more for just as long, or longer, and still have little or nothing to show for it.
Years ago I read about a guy in one of the Toronto papers who played the same numbers religiously for years and received little or nothing. Then on the day he usually bought his ticket, he was too busy with other stuff to make the purchase- and the unthinkable happened. Yes, his numbers came up. All of them. And he had no ticket; a winning one or otherwise. If I was religious I'd take that as a sign that winning was not in God's plan for me. Then I'd lose my religion.
Your chances of winning the lottery are the same, whether you have a ticket- or not.
That last statement is not true. Having a ticket gives the slightest of chances. Not having one is zero, zilch, nadda chance. Now if we're looking at the difference between 1 ticket and one-hundred tickets, then an argument can be made that the statistical chance is not much greater (not to mention, the lottery doesn't skew dependent on the number of tickets an individual has). In the most optimistic view, 100 tickets translates to 1 in 139,838.16 chance of winning; the most pessimistic is that each of the 100 tickets are independent of one-another, and therefore each has an individual chance of 1 in 13,983,816.It's true you never know. And this is why we do it. There is also this thing called survivorship bias. You know about this guy who finally won, but you don't know about all the many who spent that much or more for just as long, or longer, and still have little or nothing to show for it.
Years ago I read about a guy in one of the Toronto papers who played the same numbers religiously for years and received little or nothing. Then on the day he usually bought his ticket, he was too busy with other stuff to make the purchase- and the unthinkable happened. Yes, his numbers came up. All of them. And he had no ticket; a winning one or otherwise. If I was religious I'd take that as a sign that winning was not in God's plan for me. Then I'd lose my religion.
Your chances of winning the lottery are the same, whether you have a ticket- or not.
But no tickets is 0 in 13,983,816 (or no chance).
