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Pick Three Odds

Published:

Last Edited: January 6, 2007, 6:16 pm

Straight: This is simply matching all 3 numbers in the correct order and pays $500. The odds of getting each number correct is 1/10 so the probability of matching 3 is (1/10)3=1/1000. The expected return is $500*(1/1000) = $0.50 for a house edge of 50.0%.

3 way box: The player must choose two of one number and one of another, for example 5-5-7. If the same three numbers are drawn in the lottery, in any order, the player wins $160. There are combin(3,2)=3 winning combinations out of 1000 that will win (5-5-7, 5-7-5, 7-5-5). The probability of winning is 3/1000. The expected return is $160*(3/1000) = $0.48 for a house edge of 52%.

6 way box: The player must choose three different numbers, for example 4-6-8. If the same three numbers are drawn in the lottery, in any order, the player wins $80. There are 3!=6 winning combinations out of 1000 that will win (4-6-8, 4-8-6, 6-4-8, 6-8-4, 8-4-6, 8-6-4). The probability of winning is 6/1000. The expected return is $80*(6/1000) = $0.48 for a house edge of 52%.

 

With these high house odds if you can show any type of profit at years end you should consider yourself a winner.

Entry #218

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