[Newsbot]

Title: Lotto Max hits $50 million
Category: Misc CDN
Posted By: tritium
Date: 2010-05-29 12:54:33
Canadian

[saturn_656]

$1:

Last Updated: Friday, February 26, 2010 | 3:00 PM ET

Old news.

[tritium]

HA! I just noticed the date of that news article..

But this next draw, June 4th is 50 million + 5 X 1 million dollars draws.

At least I won $124.10 on the last draw...

[saturn_656]

I'm buying a ticket, and yes I know the lottery is a "tax on the stupid".

Maybe I'll get lucky.

[tritium]

saturn_656 saturn_656:

I'm buying a ticket, and yes I know the lottery is a "tax on the stupid".

Maybe I'll get lucky.

Well same chance as everyone else.. 1 in 29 million.

But, you can't win if you don't buy a ticket.. so.

Just think, if you win.....

0:

Ugly-Guy-Hot-Wife.jpg

New Lottery WINNER (on left), New Wife (on right)

[saturn_656]

Already have a hot wife, who most certainly didn't marry me for money.

Want I want is the hot car.

[tritium]

saturn_656 saturn_656:

Already have a hot wife, who most certainly didn't marry me for money.

Want I want is the hot car.

I will be happy with an International MXT 4x4 (Biggest Pickup Truck on the Road)

[Lemmy]

People who play the lottery either: a) don't understand statistics; or b) suspend their rational thought process. At any reasonable confidence level, your odds of winning are the same with or without a ticket. Your chances of winning are not improved by purchasing the ticket.

I'm in category (b); I bought my ticket this morning. If I win, you're all invited to join me on a Caribbean cruise. $1M would set me up fine for the rest of my life. The rest of the money goes to charity.

[ASLplease]

I wish there was a mutual fund that invested in running and operating lotteries. the rate of return would be much greater than buying tickets.

[QBall]

Lemmy Lemmy:

People who play the lottery either: a) don't understand statistics; or b) suspend their rational thought process. At any reasonable confidence level, your odds of winning are the same with or without a ticket. Your chances of winning are not improved by purchasing the ticket.

I'm in category (b); I bought my ticket this morning. If I win, you're all invited to join me on a Caribbean cruise. $1M would set me up fine for the rest of my life. The rest of the money goes to charity.

Statistics and logic are irrelevant when the opportunity cost is so low. I can't think of any other way to turn $2 into $50 million.

[tritium]

Lemmy Lemmy:

Your chances of winning are not improved by purchasing the ticket.

Sure they are, because there is a 100% chance that you are not going to win if you don't buy a ticket.

There is a 1 in 29 million chance of winning when you do buy a ticket.

Kinda like Vegas, they don't build all those pretty buildings and entertainment facilities by paying out money all the time. LOL

[Chumley]

QBall QBall:

Lemmy Lemmy:

People who play the lottery either: a) don't understand statistics; or b) suspend their rational thought process. At any reasonable confidence level, your odds of winning are the same with or without a ticket. Your chances of winning are not improved by purchasing the ticket.

I'm in category (b); I bought my ticket this morning. If I win, you're all invited to join me on a Caribbean cruise. $1M would set me up fine for the rest of my life. The rest of the money goes to charity.

Statistics and logic are irrelevant when the opportunity cost is so low. I can't think of any other way to turn $2 into $50 million.

As long as you aren't a problem gambler, it's a harmless game.
I buy a 2$ ticket 2-3 times a month. A single beer at the pub will cost you as much.
And if you win, even a small lotto, you are set for life.

[Lemmy]

tritium tritium:

Lemmy Lemmy:

Your chances of winning are not improved by purchasing the ticket.

Sure they are, because there is a 100% chance that you are not going to win if you don't buy a ticket.

I said "at any reasonable confidence level." We set confidence levels in statistics (95%, 97.5%, 99%, etc). Even at a 99.999% confidence level (which is WELL beyond any normal confidence level) your probability of winning is not improved by holding a ticket.

tritium tritium:

There is a 1 in 29 million chance of winning when you do buy a ticket.

Nope. Not even close. Your odds of winning are 1 in (49 x 48 x 47 x 46 x 45 x 44), which equals 1 in 10,068,000,000 (roughly 1 in 10 billion).

We can attach money values to calculate expected return. A $5 ticket gives you a 1 in 10B chance at $50M, which means your expected return on a $5 investment is about a 5th of a cent. Not sound financial strategy.

[QBall]

Chumley Chumley:

QBall QBall:

Lemmy Lemmy:

People who play the lottery either: a) don't understand statistics; or b) suspend their rational thought process. At any reasonable confidence level, your odds of winning are the same with or without a ticket. Your chances of winning are not improved by purchasing the ticket.

I'm in category (b); I bought my ticket this morning. If I win, you're all invited to join me on a Caribbean cruise. $1M would set me up fine for the rest of my life. The rest of the money goes to charity.

Statistics and logic are irrelevant when the opportunity cost is so low. I can't think of any other way to turn $2 into $50 million.

As long as you aren't a problem gambler, it's a harmless game.
I buy a 2$ ticket 2-3 times a month. A single beer at the pub will cost you as much.
And if you win, even a small lotto, you are set for life.

Problem gamblers don't play the lottery. There's no immediate rush as you would get from slots or blackjack. With the lottery you buy a ticket and wait, therefore no thrill. I don't think crack would be much of a problem if you had to wait two days after smoking it to get the high.

[Yogi]

QBall QBall:

Problem gamblers don't play the lottery. There's no immediate rush as you would get from slots or blackjack. With the lottery you buy a ticket and wait, therefore no thrill. I don't think crack would be much of a problem if you had to wait two days after smoking it to get the high.

Not so! I work with a fellow whose gambling addiction' just so happens to be lottery tickets. One day I was going thru his (my) van looking for some paperwork and discovered over $1,700 worth of scratched tickets. I could never figure out why he was always 'broke'. I counted $255.00 worth of winnings amonst the thrown-away tickets. I took the whole lot of them and gave them to him In front of his wife!


By the way, I made sure to buy my $6.00 worth of hope!