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Typically, when the jackpot is up in that range, the tickets actually have a positive EV.
by fallingknife 5y ago
Typically, when the jackpot is up in that range, the tickets actually have a positive EV.
- wbc 5y agoSuper unlikely, the main reason is at that point many people buy tickets and it becomes more and more likely the jackpot is split between multiple winners [0]. Actually the largest Powerball at $1.586 billion was split between 3 people [1] [0] https://chance.amstat.org/2020/02/lottery-ticket/jackpots-ever-get-big-enough-that-playing-has-a-positive-expected-value https://chance.amstat.org/2020/02/lottery-ticket/jackpots-ev... [1] https://apnews.com/article/archive-6d98eff765c9e2f4b683671311fe5b8b https://apnews.com/article/archive-6d98eff765c9e2f4b68367131...
- fallingknife 5y agoOdds of winning are 1 in 292 million. So unless the odds were that the jackpot would be split 6 ways or more the tickets have a positive EV.
- listenallyall 5y agoExcept that Powerball tickets cost $2 each, not one dollar as you were assuming. (And of course, taxes)
- fallingknife 5y agoYeah good point. Also delayed payout / lump sum discount.