AKA "The Idiot Tax"
Lotteries are a tax on the stupid
Lottery = Math for idiots.
1 in 13 million or whatever it is in human terms rounds off to 0.I still don't get how the chance is 0 and someone still wins it every 1 out of 5 draws. 5 times 0 is still 0, not 20% like 1 out of 5.
yes yes yes yes yes yes yes yes yes yes yesHas anyone actually won the 1 in 13.8m?
I am not convinced that you are "up against those who launder". I can see them buying a winning ticket from you and paying you extra for it, but I cannot really see them playing as a way of doing business. Had it been a good business, they would buy all the tickets, wouldn't they?Your odds are against 10000000000 to win...now imagine if you're up against those who launder money...they can spend hundreds of thousands and still not win the jackpot, but definitely have better odds than you.
no its not but they have the funds to burn vs anybody...I am not convinced that you are "up against those who launder". I can see them buying a winning ticket from you and paying you extra for it, but I cannot really see them playing as a way of doing business. Had it been a good business, they would buy all the tickets, wouldn't they?
If someone wins 1 out of 5, I guess that means 5 x 13.8m unique set of number tickets are sold. That's 69m tickets x $5 = $345m gross revenue for OLG...? Give out that $5m and left over with $340m in profits. They must be damn rich. Who owns the OLG?Here's a pro tip for you. Buy a ticket of every combination then come back and ask if anyone has ever won.
If it takes an average of 5 draws for the main prize of 6/49 to be won, the probability of a single draw being won by anyone is 1/6. (Geometric distribution stuff.)If someone wins 1 out of 5, I guess that means 5 x 13.8m unique set of number tickets are sold. That's 69m tickets x $5 = $345m gross revenue for OLG...? Give out that $5m and left over with $340m in profits. They must be damn rich. Who owns the OLG?
well, the only thing you can do to increase your chances in 6/49 is to pick a weird combo that nobody else should be picking so that you don't share if you win. Like 123456. That should give you some idea how bad your chances really are.If it takes an average of 5 draws for the main prize of 6/49 to be won, the probability of a single draw being won by anyone is 1/6. (Geometric distribution stuff.)
This means about 230,000 unique number combinations are covered in each draw to get a 1/6 probability. (1/6 of 13.8 million combinations) That's $690K minimum sold per draw.
What is not known is how many duplicates are sold - people might like the same combos like birthday numbers. I can imagine they sell over $1 million per draw due to the duplicates.
So you have to guess every number exactly (out of 49) and in the exact same sequence as the computer generated draw, for 6 numbers, and you're saying someone wins this one of every 5 draws? For real? I don't understand how it's possible to win this 1/5 for a chance of 1/13.8 million.
No, you select your own numbers, or the computer will randomly select six for you with a 'quick pick'.I still don't get how if the chance is 0, someone still wins 1 in 5, are they selling 69million unique tickets?
Recent powerball winner in California I think, 700 million. Who would care how much the taxes were.A huge difference between Canadian and American lotteries is that Canadian lottery winnings are NOT taxed. If somebody wins $100 Million in a US powerball lottery, they would pocket less than 20% of that amount.
I know a guy who won 2 millions or so but he is in a cash intensive business and fwiw he is from the same ethnic group as a lot of convenience store owners and they have been known for shenanigans with lottery. There was a lot of suspicion that he bought the ticket to launder his cash.I know 3 folks who won the jackpot. The most recent was to separate 1M dollar winners and some years ago an associate of mine won the 30M. which he had to split with another winner. Albeit it a million bucks is nothing these days.
Somebody will win. It won't be you or me. The odds are so low they are effectively 0. Not mathematically 0, just 0 in any sort of meaningful way.I still don't get how if the chance is 0, someone still wins 1 in 5, are they selling 69million unique tickets?
If you're doing it to make money, absolutely. Otherwise the excitement might be worth the $2 to some.AKA "The Idiot Tax"