Professor Explains Why Your Chances Of Winning "Powerball" Are Next To None!

[bitcoinpete]

Lotery= Tax for Idiots

[Wendigo]

I heard that post-tax the clear profit will be approx. $300 million but I would think it is going to be much more than that perhaps $600 million. I am not familiar with the US taxation system anyways.

[edmundduke]

The chances are pretty much non existent as proven. It should not come as a surprise to anyone tho that the chances are so small. Even if it is nearly impossible to win it doesn't really hurt to get a ticket. I dont play lotto often but i do get a ticket from time to time just for the fun of it.

It does actually.. Most people who buy lottery tickets in the US make $9,000.00-$38,000.00(not data but they have to that's almost the entire salary range for the US just about the entire US adult population). That's 0.02%-0.01% of their annual income which, since people typically spend the same margin of their income no matter their salary(old economic stuff), is coming out of around 11% of that salary, so at $38,000 is around $4,400.00 a year worth of disposable income. That's one ticket per year..

That's now 0.04% of that $38,000.00->$4,400.00 a year for one ticket. One ticket a week is 2.18% and so on.. Remember kids.. we only get around 35 years of earning money before we die and if you werent gifted a house you'll spend at least a third of it towards that..

If one plays as often as this then for sure, it will become a burden. Overall the amount grows to a really big amount and will become noticable. But when you look at it this way. Would one rather get a ticket or would rather buy a (burger ? coke ? or what ever junk) then the ticket is not as bad. You get a small chance of a fortune instead of gaining weight.

[btcprospecter]

The chances of winning are pretty low however it is much higher than if you did not buy a ticket. You have to be in it to win it. If you do ever win big it is down to chance or luck lottery is almost always gambling at a loss. Better putting that couple of bucks on a horse or something with better odds.

[xhomerx10]

 Even though the odds of any one of us winning are next to none, three winning tickets were sold!

[DuddlyDoRight]

The chances are pretty much non existent as proven. It should not come as a surprise to anyone tho that the chances are so small. Even if it is nearly impossible to win it doesn't really hurt to get a ticket. I dont play lotto often but i do get a ticket from time to time just for the fun of it.

It does actually.. Most people who buy lottery tickets in the US make $9,000.00-$38,000.00(not data but they have to that's almost the entire salary range for the US just about the entire US adult population). That's 0.02%-0.01% of their annual income which, since people typically spend the same margin of their income no matter their salary(old economic stuff), is coming out of around 11% of that salary, so at $38,000 is around $4,400.00 a year worth of disposable income. That's one ticket per year..

That's now 0.04% of that $38,000.00->$4,400.00 a year for one ticket. One ticket a week is 2.18% and so on.. Remember kids.. we only get around 35 years of earning money before we die and if you werent gifted a house you'll spend at least a third of it towards that..

If one plays as often as this then for sure, it will become a burden. Overall the amount grows to a really big amount and will become noticable. But when you look at it this way. Would one rather get a ticket or would rather buy a (burger ? coke ? or what ever junk) then the ticket is not as bad. You get a small chance of a fortune instead of gaining weight.

Every working-poor and poor persons logic no matter how conscious and educated they are: I'm a talented investor but this $100.00 bill I have would take decades to turn in to tens of thousands or even thousands of dollars since >=100% profit is rare.. Fuck it I'll buy what looks like better odds towards prosperity..

They are actually right too, but that slow grind that only your next generation will benefit from has far better odds. A shitty $23,000 house is even better than hurry up get a job before thousands of dollars in bills comes in thirty more days..

[shanem]

The chance of winning the first prize for the lottery is extremely low but it is one of the only way for the working class to dream of becoming rich.
Many people will still continue to buy the lottery for the hope.

[DeathAngel]

3 people won I think, sharing the jackpot so obviously the professor is right but the 3 winners will be glad they didn't listen to him.

[aizzaku]

I deliberately posted this video in the gambling section because this Statistics professor gives nice insights how probability works and the concept remains the same weather it be lottery or a jackpot.The video might motivate you a little.

http://www.worldstarhiphop.com/videos/video.php?v=wshh35K0oY8B8E8X4Z0z

you know what.. most of the people.. even if they have played and lost and all sorts.. they know this .. but still playing.. i guess it just for the fun and anxiety

but yes a motivational video for addicts u mean ? or what?

[RodeoX]

Lotery= Tax for Idiots

LOL, that's a good one.
I always tell people that I'm hopeful of winning the lottery using my system of trying to find discarded winning tickets. As unlikely as that may seem my odds are only slightly less than if I buy tickets.

[znickelbackz]

win that lottery doesn't mean his life will be good. i hope not, but it may continue in a very bad way. few years pass and he may lose much more things that he gains today. it's not that much to worth dream of.

[mobnepal]

Lots of people have already won jackpots worth of millions so people will keep on trying to get lucky onetime to be one of those winners. Although the chance of winning is so so so low, people will not leave that little chance to win after seeing some of those lucky winners in tv frequently. People are greedy by nature.

[Divinespark]

Odds of 1 in 292 million! I saw a tweet that said the likelihood of bitcoin's collision resistant property being breached is higher than winning the jackpot!

[xhomerx10]

Lotery= Tax for Idiots

  What is the annual tax burden due to state-sanctioned gambling on one who can't properly spell the word "lottery"?

[xhomerx10]

Odds of 1 in 292 million! I saw a tweet that said the likelihood of bitcoin's collision resistant property being breached is higher than winning the jackpot!

 Yes, incomprehensibly higher.

[RodeoX]

Odds of 1 in 292 million! I saw a tweet that said the likelihood of bitcoin's collision resistant property being breached is higher than winning the jackpot!

[NorrisK]

Isn't that why people gamble in the first place? The risk they take and the chance to win big are exciting!

Your body releases massive amounts of endorfines when betting and this makes you feel good. That's why people gamble and play lotteries.

Ofcourse the chance of winning the powerball are next to none, but the fact that there is a chance makes you interested. Nobody expects to hit the jackpot, but it may just happen.

[foggyb]

Someone said that lotteries are a tax on the mathematically-challenged, and I'd agree with that.  Chances are next to zero, and the odds are against you always, so why play at all?  For some people it's fun, but I hate throwing money away like that.

Most people realize they have almost no hope of winning due to probability alone. I think the reason many people play anyway, is because of some metaphysical idea or wish that might somehow negate the probabilistic odds that stacked against them.

[smho_16]

Thier business trick is like this .

" I don mind spending a $2 on a ticket a month or so to try out my luck "

Ching Chang heres comes the money .

Totally agree above.
Everyone just spend a little for a 'hope'...
They are all know it needs miracle to win

[HarryKPeters]

I deliberately posted this video in the gambling section because this Statistics professor gives nice insights how probability works and the concept remains the same weather it be lottery or a jackpot.The video might motivate you a little.

http://www.worldstarhiphop.com/videos/video.php?v=wshh35K0oY8B8E8X4Z0z

I am not surprised with the explanation. like krunox said everybody knows this. Even the addicts.
They just chose to ignore it, hoping they are the chosen one to beat the system.

That's life though.