What's stopping a billionaire from buying a powerball ticket for every combination?
The odds are 1/292,000,000
The jackpot is $900,000,000
Why not just buy 292,000,000 tickets and end up with a $608,000,000 million profit?
-they won't sell this many tickets to one person
-billionaires count assets not dollars
-billionaires don't buy lottery tickets
this is like asking why lottery winners don't invest their winnings--if they thought that way they'd have spent their money on investments in the first place
I'm amazed how many people care about lotteries and otherwise seemingly smart people that find a means to justify buying into them.
Also tickets are $2. So it would be $584 million.
And you could never pick every combination, it would probably take you weeks to fill out the tickets, so they would have the computer pick.
Computer picks 1000 identical tickets? Your odds just got a lot worse.
>because the cash payout, net of taxes, is substantially lower than the cost of buying all possible combinations
>because more than one winning ticket can be sold, which would reduce your payout to 1/2, 1/3, 1/4 or even less
Why is /biz/ not smart enough to figure this out? Hurr durr wud tak tu long ti bye tikets.
Lottery tax is so high that the billionaire would have to only put on half of those numbers
So risk 250,000,000 to make 250,000,000. Still not bad.
But here is the worst part. What if someone else also had the same numbers? Then you have to split it.
There are better coin flips a billionaire can do that have the same odds.
The $900mil jackpot is payed out over 20 years. You only get $400mil if you want it right away.
However, at least one company tried this, nytimes.com/1992/02/25/us/group-invests-5-million-to-hedge-bets-in-lottery.html
Communication is important, you waffle. I only addressed it because you seemed like the kind of intelligent person who would develop better communication skills because of it.
I guess that's twice I was wrong.
>And how the fuck are you going to check all 292 million to find the one that won? Dumb frog poster .
Fresh off the boat, from reddit, kid? heh I remember when I was just like you. Braindead. Lemme give you a tip so you can make it in this cyber sanctuary: never make jokes like that. You got no reputation here, you got no name, you got jackshit here. It's survival of the fittest and you ain't gonna survive long on 4chan by saying stupid jokes that your little hugbox cuntsucking reddit friends would upboat. None of that here. You don't upboat. You don't downboat. This ain't reddit, kid. This is 4chan. We have REAL intellectual discussion, something I don't think you're all that familiar with. You don't like it, you can hit the bricks on over to imgur, you daily show watching son of a bitch. I hope you don't tho. I hope you stay here and learn our ways. Things are different here, unlike any other place that the light of internet pop culture reaches. You can be anything here. Me ? heh, I'm a judge.. this place.... this place has a lot to offer... heh you'll see, kid . . . that is if you can handle it…
a group did this in a 1992 Virginia lottery. If I recall right they had some hiccups later in the process and didn't quite cover the whole range of combinations but won anyway. You also have to take into account if smaller prizes are subtracted off or if the prize would be shared and the statistical odds.
Some centuries ago, France was having trouble financing all those wars and shit and they made a lottery. Basically, people could buy government funds, and then one would be picked at random. There were several tiers, some cheaper and some more expensive. The more expensive they were, the less tickets there were and the more money you got if you won.
Voltaire wasn´t poor, but he wasn´t rich either. Same with his friends.
So they piled up money and got some loans and shit, and bought pretty much all the expensive tickets. They kept reinvesting their winnings until they were accused of fraud and arrested.
The judge admitted that they hadn´t done anything wrong and that the whole system hadn´t been properly planned to avoid that kind of shit, so they were released. The lottery was cancelled shortly after, or modified, or whatever.
Thing is, they all got filthy rich.
Just look at that smile.
4+ powerball 16m
3+ poweball 2m
2+ poweball 3m
1+ powerball 13m
Payout 806m + (78m)
Net 222m+ (78m)
Taxes 300*.39 = 117m
Assuming another winner and split
403m profit + 78m = 481
Assuming probability of a two way split is 50/50 you're still +80m after taxes
>I'm amazed how many people care about lotteries and otherwise seemingly smart people that find a means to justify buying into them.
Some math professors have made money off of lotteries.
Not the Powerball type generally though. They just notice when odds shift favor, like blackjack counting.
>you split the winnings getting raped
You meant that the other way around, right?