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Voting for Obama a good investment? probably not, yet millions vote for him in hopes of fortune.
Powerball - as well as all lotteries - is an optional tax charged to people who are not good at math. The proceeds of this tax go to people who are better at math than those who incur the tax.
I am simply amused at how many 'folks' will plunk down $100 for the Powerball when the jackpot gets this big. When I explain to them that they could plunk down $25,000 and not have any better odds of winning than I do with a single $2.00 ticket, they look at me like I'm from Mars. I think we need to spend a little more time on probability theory in our public schools. And our state sanctions this? We're done for.
This sentence makes no sense: "For example, you'd have a slightly better chance of randomly picking the name of one specific female in the United States: 1 in 157 million, according to the latest census." Huh???
"And our state sanctions this?"----Sanctions? It actively encourages it.
" Gotta play to be a sport"
When I explain to them that they could plunk down $25,000 and not have any better odds of winning than I do with a single $2.00 ticket, they look at me like I'm from Mars.
As they should. If they plunk down $25,000 their odds of winning the jackpot will be 12,500 times greater than yours. While your odds of winning would be a bit under one in 175 million, their odds would be one in 14,018, assuming none of their tickets are duplicated.
This doesn't negate the fact that both of you will most likely lose.
Chance that someone will win eventually: 100%
Chance of it being you if you don't have a ticket: 0%
People plunk down $5, 10, 15, 20 for a chance to win $100 at pull tabs. Why not take a chance at setting up your entire family tree for life for $2???
I've never heard anyone say playing the lottery is an investment. It's entertainment pure and simple. I can buy a lottery ticket for a dollar and have the improbable dream of winning a fortune for a few days, or I could spend $10 on a movie that entertains me for a couple hours and has zero chance of return.
I have heard the argument from people who play the lottery who say that you won't win if you don't play. Technically, this is true. But you aren't going to win. Ever. I'm so confident in that statement that I will bet any of you $1,000 right now that you don't win the jackpot. Any takers?
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