Elsewhere in this discussion someone posted this link [1] which claims that Odds are that Buffett’s bracket isn’t worth your time, however. Having a 1-in

Elsewhere in this discussion someone posted this link [1] which claims that Odds are that Buffett’s bracket isn’t worth your time, however. Having a 1-in-7.4 billion chance of winning a billion dollars is worth the equivalent of 14 cents. That’s before accounting for taxes I understand why you entered. It's for the same reason people play the lottery. People value a large payoff much more highly than a small one, even if the odds are worse for the big payoff. I.e. for many people it's not worth betting $2 for a 1:2 chance of winning $4. That won't be a life changing event. But people are willing to bet $2 for a 1:175,223,510 chance of winning perhaps $100,000,000, even though those odds are much worse. That's how Powerball makes money. BTW I do bet on Powerball once in a while. In my case I figured it wasn't worth betting $0.14 (because I knew it would take more than that of my time) to win $1,000,000,000. [1] http://fivethirtyeight.com/datalab/we-have-a-1-in-6001225228-chance-of-winning-buffetts-billion/ http://fivethirtyeight.com/datalab/we-have-a-1-in-6001225228...