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

[Slark]

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

As others said something like this as an explanation was expected. But I am not sure that you all know fun fact: 'probability of conception'.
It seems that odds that you - are you are ultra mega hyper low. In fact the odds that you exist are basically ZERO.

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[darkangel11]

People have tried to deter others from buying lottery tickets for decades and it never worked. You can explain, but to most people all that matters is the thrill. You buy the ticket, dream about the money, feel the excitement... and then you don't win and life goes on.

[cazkooo]

People have tried to deter others from buying lottery tickets for decades and it never worked. You can explain, but to most people all that matters is the thrill. You buy the ticket, dream about the money, feel the excitement... and then you don't win and life goes on.

There is no reason on why to not buy a lottery tickets because with just small amounts of money you could get a life changing opportunity . This opportunity may or may not come to you but you will never know unless you try so it is much better to buy lottery tickets rather than sitting out using your money for hookers atleast

[ifightformerkel]

You need no professor to see that win a lottery is very hard, but you CAN win when you play it.

But when you dont play then the chance is 0.

You dont must win the jackpot only,
the second class in our lottery is also a lot of money and the chances are a lot of bigger or the smaller classes,
so the chance to win your money back are not so low how you think.

[DuddlyDoRight]

I'll point out another common misconception, math based: 1:292' doesn't mean there are 292' possible numbers. It means the combination of your numbers being picked are one 1 in every 292'.. You'll be surprised how often this happens even on big journalism and news sites..

Then, the amount of ticket sales dictates chances to win, is the second most common misconception. They draw from tumbling barrels..

The possible powerball numbers are in the trillions..

[Sir_lagsalot]

May I point out you really don't need a professor to tell you your chances of winning the LOTTERY. Especially the POWERBALL.

You need no professor to see that win a lottery is very hard, but you CAN win when you play it.

But when you dont play then the chance is 0.

You dont must win the jackpot only,
the second class in our lottery is also a lot of money and the chances are a lot of bigger or the smaller classes,
so the chance to win your money back are not so low how you think.

They might be not as low as he says, but they are still significantly low. As in 0.00001%.

[DuddlyDoRight]

May I point out you really don't need a professor to tell you your chances of winning the LOTTERY. Especially the POWERBALL.

You need no professor to see that win a lottery is very hard, but you CAN win when you play it.

But when you dont play then the chance is 0.

You dont must win the jackpot only,
the second class in our lottery is also a lot of money and the chances are a lot of bigger or the smaller classes,
so the chance to win your money back are not so low how you think.

They might be not as low as he says, but they are still significantly low. As in 0.00001%.

Probability, combinations, and permutations are taught at age 12 in "dumb" countries. There is no second guessing here.

The odds for powerball are nCr * nCr.. Jackpot is exactly 0.000000003422 in probability

[xhomerx10]

I'll point out another common misconception, math based: 1:292' doesn't mean there are 292' possible numbers. It means the combination of your numbers being picked are one 1 in every 292'.. You'll be surprised how often this happens even on big journalism and news sites..

Then, the amount of ticket sales dictates chances to win, is the second most common misconception. They draw from tumbling barrels..

The possible powerball numbers are in the trillions..

 You lost me at "misconception".  What are you trying to say?  There are in fact C(69,5) X C(26,1) possible combinations.  If you have one ticket, the probability of winning the top prize is exactly 1/292201338 and the odds of winning top prize are 1:292201337

 Why are you saying the possible powerball numbers are in the trillions?

[DuddlyDoRight]

I'll point out another common misconception, math based: 1:292' doesn't mean there are 292' possible numbers. It means the combination of your numbers being picked are one 1 in every 292'.. You'll be surprised how often this happens even on big journalism and news sites..

Then, the amount of ticket sales dictates chances to win, is the second most common misconception. They draw from tumbling barrels..

The possible powerball numbers are in the trillions..

 You lost me at "misconception".  What are you trying to say?  There are in fact C(69,5) X C(26,1) possible combinations.  If you have one ticket, the probability of winning the top prize is exactly 1/292201338 and the odds of winning top prize are 1:292201337

 Why are you saying the possible powerball numbers are in the trillions?

That's the total combinations. Total permutation of combinations is in the trillions.

[xhomerx10]

I'll point out another common misconception, math based: 1:292' doesn't mean there are 292' possible numbers. It means the combination of your numbers being picked are one 1 in every 292'.. You'll be surprised how often this happens even on big journalism and news sites..

Then, the amount of ticket sales dictates chances to win, is the second most common misconception. They draw from tumbling barrels..

The possible powerball numbers are in the trillions..

 You lost me at "misconception".  What are you trying to say?  There are in fact C(69,5) X C(26,1) possible combinations.  If you have one ticket, the probability of winning the top prize is exactly 1/292201338 and the odds of winning top prize are 1:292201337

 Why are you saying the possible powerball numbers are in the trillions?

That's the total combinations. Total permutation of combinations is in the trillions.

 For any given draw, only one combination is valid.  There can be only one permutation of that one combination.  You're just being a fuckoff aren't you?

[DuddlyDoRight]

I'll point out another common misconception, math based: 1:292' doesn't mean there are 292' possible numbers. It means the combination of your numbers being picked are one 1 in every 292'.. You'll be surprised how often this happens even on big journalism and news sites..

Then, the amount of ticket sales dictates chances to win, is the second most common misconception. They draw from tumbling barrels..

The possible powerball numbers are in the trillions..

 You lost me at "misconception".  What are you trying to say?  There are in fact C(69,5) X C(26,1) possible combinations.  If you have one ticket, the probability of winning the top prize is exactly 1/292201338 and the odds of winning top prize are 1:292201337

 Why are you saying the possible powerball numbers are in the trillions?

That's the total combinations. Total permutation of combinations is in the trillions.

 For any given draw, only one combination is valid.  There can be only one permutation of that one combination.  You're just being a fuckoff aren't you?

Kind of but the powerball number makes permutation matter since <5 non-powerball numbers have absolute shit prizes even by ghetto standards.. 4+0 with a 10x multiplier won't buy you a ten year old car with a blown motor and buys ghetto food for two-months tops(it's $1,000.00).

Just to give everyone a big picture perspective and since this will probably be the only serious odds discussion here for a long time. Here are the lotteries you'd play if you understand odds and the value of money. In CSV format just made using the most recent values from all existing games:

Code:

/*sorted type->best_small_prize_odds->best_big_prize_odds excludes >$1 scratch offs and <$1000000 big-name lotteries*/
type,name,ticket price,jackpot,odds,count,small prize,odds,count
scratchoff,mighty bucks,1,5000,760000,12,1,6.82,1337600
scratchoff,lucky 7s,1,7000,640000,18,1,7.14,1478400
scratchoff,2016,1,2016,744000,10,1,10,744000
scratchoff,gimme 5!,1,5000,696000,10,1,10.34,672800
scratchoff,pot of gold,1,4000,840000,8,1,10.34,649600
scratchoff,5000 fiesta,1,5000,900000,8,1,10.34,696000
scratchoff,$50 mayhem,10000,1480000,6,1,10.34,858400
scratchoff,5x the cash,1,10000,984000,10,1,10.71,918400
scratchoff,blackjack,1,4000,720000,10,1,11.11,648000
scratchoff,bronze 7s,1,5000,960000,8,1,11.11,691200
bigticket,megamillions,1,arbritrary,258890850,arbritrary,1,21,arbritrary
bigticket,powerball,2,arbritrary,292201338,arbritrary,4,38,arbritrary

"bigticket" is there really just for reference even though MegaMillions odds are only 3.07x that of best scratch-off at same ticket price.. I probably should have done odds for exponential/100%-profit payouts too for small-prize.

[RussianRaibow]

I didn't need a professor to explain that.  It seems kind of obvious.

[maku]

I didn't need a professor to explain that.  It seems kind of obvious.

It is also obvious that there is not good gambling systems which can guarantee your wins. And yet I keep seeing threads about how Martingale is 'the best' method almost everyday.
Apparently information like this is not obvious for some people and they need to be reminded how low is the probability of winning lotteries.

[Joel_Jantsen]

I didn't need a professor to explain that.  It seems kind of obvious.

Okay bitcoinMarketStore,you should be responding to the scan accusation open against you for dumping the investors who invested in your Jewellery shop.For the topic : How obvious does it seem?Any calculations you have in mind? The article was just a logical explanation which involves maths and not myths.

[DuddlyDoRight]

" invested in your Jewellery shop"

Anyone who does that over the internet for someone who has no material evidence or credibility deserves to be ripped off.. Why is it smart people with good ideas have trouble with funding but two-bit plans get showered in money by the masses? Isn't this just poetic justice?

On-Topic: Draw-number lotteries use simple combinatorics(one out of x possible combinations). The scratch off; which advertises attractive odds like 1:7 or 1:4.73 overall, actually trick people by not explaining that their printing procedure doesn't actually print a winner every 7 tickets.. If they did print every 7 tickets there would be a primitive science to winning scratch-off lotteries..

[pinoycash]

lotto winnings is just a myth, did you know someone who won the jackpot? here at my place, it goes to the pockets of the chosen few