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Powerball

Discussion in 'Sports and News' started by Chef2, Jan 7, 2016.

Page 27 of 31
  1. Iron_chet

    Iron_chet Well-Known Member

    I live in Canada. My father in law bought all 3 of his daughters who live up here Powerball tickets and texted them to us with our names written on them.

    The Florida tix were bought close to where him and his wife live and after the drawing they went away for the weekend and were out of contact which is pretty unusual.

    We had a half baked idea that maybe they were not answering their phones because they were planning how to divvy up the $ but it turns out they were just having a well deserved vacation.

    He told us that the hot rumor is that the winner is a Publix employee or a group of employees. Not sure how you could keep a group quiet but I hope a bunch of people won it.
     
    Last edited: Jan 17, 2016
    Iron_chet, Jan 17, 2016
    #313
  2. Donny in his element

    Donny in his element Well-Known Member

    Melbourne Beach? Could be one of Doug Flutie's kin. #321 #localsknowwhatimtalkinbout
     
    Donny in his element, Jan 19, 2016
    #314
  3. DanOregon

    DanOregon Well-Known Member

    DanOregon, Nov 8, 2022
    #315
  4. Chef2

    Chef2 Well-Known Member

    1.9 BILLION
    numbers now out.
     
    Chef2, Nov 8, 2022
    #316
  5. micropolitan guy

    micropolitan guy Well-Known Member

    I got the powerball on one of my tickets. I think that wins $10 or something.
     
    micropolitan guy, Nov 8, 2022
    #317
  6. The Big Ragu

    The Big Ragu Moderator Staff Member

    Taking into account how many people likely bought tickets (the number goes up with big jackpots), what that might have meant for multiple winners, taxation and the smaller payouts than the jackpot winner if you pick fewer numbers, the expected value on a $2 ticket was somewhere between $1 and $1.5o. More than 95 percent of tickets get 0 numbers correct.

    I'm just astounded that they can get a jackpot up to a little less than a billion dollars if you take it as a lump sum, and the game can still be that big of a rip off. I wish I could run a business like that for which there was so much irrational demand to get ripped off. When the jackpot isn't that large, if you figure it on an after-tax basis, they are getting people to give them $2 in return for something like 65 cents worth of true financial value. It boggles me that people do it.
     
    The Big Ragu, Nov 8, 2022
    #318
  7. Hermes

    Hermes Well-Known Member

    Sir, this is a 7-Eleven.
     
    Hermes, Nov 8, 2022
    #319
    Inky_Wretch, doctorquant, Batman and 2 others like this.
  8. Justin_Rice

    Justin_Rice Well-Known Member

    What’s the expected value when I go to a bar and buy a beer?
     
    Justin_Rice, Nov 8, 2022
    #320
  9. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    Well, I’m not buying a ticket in hopes of winning a buck fitty.
     
    TheSportsPredictor, Nov 8, 2022
    #321
  10. DanOregon

    DanOregon Well-Known Member

    And really, if its a single winning ticket, unless it's big group of people in a pool, take the annuity - if you need more than $100 m this year, before getting another $100m NEXT year - you have huge problems.
     
    DanOregon, Nov 8, 2022
    #322
  11. The Big Ragu

    The Big Ragu Moderator Staff Member

    An expected value is a financial concept. When you buy a beer there are no probabilities involved (about whether you get beer or not), and there aren't multiple possible outcomes (where you might get no beer, a shot glass full of beer, a half a beer or a full beer based on a random drawing of some sort). You wouldn't figure out an expected value, because it's a straightforward transaction with only one possible outcome.
     
    The Big Ragu, Nov 8, 2022
    #323
  12. Justin_Rice

    Justin_Rice Well-Known Member

    Do you ever bet on an underdog, aware the odds are long but tempted by the overwhelming payout if you happen to hit?
     
    Justin_Rice, Nov 8, 2022
    #324
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