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Mega Millions changing June 24 -official

Topic closed. 59 replies. Last post 12 years ago by tg636.

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Maverick's avatar - yinyang
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Posted: April 17, 2005, 8:54 pm - IP Logged
Quote: Originally posted by danisiri on April 17, 2005


It is just simple probablity.  Buy one ticket you have a chance of 1 in some huge number.  Buy five tickets, you have 5 chances in some huge number.  Theoretically, you could buy every number combination, but the jackpot would have to be around $16 billion to break even. 



Yes that is simple, but I don't see how a "higher jackpot" betters anyones chances of winning, versus a lower jackpot. The number of combinations remains the same no matter what the jackpot is, if I'm correct.

If one spends $2, it's 2 chances out of 135 million+.

If one spends $20, it's 20 chances out of 135 million+.

I understand one has a better chance of winning if more money is spent, but a higher jackpot doesn't increase one's chances of winning, if I'm not mistaken.

Can anyone else add to this? Thanx.

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    Greenwich, CT
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    Posted: April 17, 2005, 8:58 pm - IP Logged

    Maverick,

    You are correct.  Buy 10 tickets and you have the same odds of winning a $10m jackpot as winning a $200m jackpot.  I'm just more inclined to buy those 10 tickets at the $200m level because I want to win big.

      Maverick's avatar - yinyang
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      Posted: April 17, 2005, 9:00 pm - IP Logged

      Ok JAG331, that I do understand.

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        Posted: April 18, 2005, 9:07 am - IP Logged

        I am waiting to see the overall odds of winning any prize (currently 1:43) and the odds and amounts of the lower prizes.  Adding 40,000,000 more combinations to an already huge 135,000,000 is a little much for me, and whether I am going to get a ticket for every drawing or wait for $200 million+ jackpot will depend on the lower prizes and odds. I'm on the fence; it might just seem too impossible to bother with.  I have criticized MA Megabucks, but the odds of winning that are 35 times better than the new Mega Millions will be, and I'd like to have somewhat of a chance.  After all, you do play to win a jackpot in your lifetime.


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          Posted: April 18, 2005, 9:37 am - IP Logged

          tg:

          MM will still have a cash option, unlike Megais bad$.

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            Posted: April 18, 2005, 10:01 am - IP Logged

            Yeah, I know, but so what.  The question is, do you want to have a slim chance at winning a jackpot or almost no chance.  One in 5 million sounds a lot better than one in 175 million, and I think I could live okay on $2.2 million over 20 years. 

             

            Quote: Originally posted by CASH Only on April 18, 2005






            tg:

            MM will still have a cash option, unlike Megais bad$.




              Maverick's avatar - yinyang
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              Posted: April 18, 2005, 1:10 pm - IP Logged
              Quote: Originally posted by tg636 on April 18, 2005


              Adding 40,000,000 more combinations to an already huge 135,000,000 is a little much for me, and whether I am going to get a ticket for every drawing or wait for $200 million+ jackpot will depend on the lower prizes and odds... just seem too impossible to bother with.  I have criticized MA Megabucks, but the odds of winning that are 35 times better than the new Mega Millions will be, and I'd like to have somewhat of a chance.  After all, you do play to win a jackpot in your lifetime.


                Maverick's avatar - yinyang
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                Posted: April 18, 2005, 1:12 pm - IP Logged
                Quote: Originally posted by tg636 on April 18, 2005


                Yeah, I know, but so what.  The question is, do you want to have a slim chance at winning a jackpot or almost no chance.  One in 5 million sounds a lot better than one in 175 million, and I think I could live okay on $2.2 million over 20 years.



                That's a very good point. Before we can debate on cash vs annuity, WE FIRST NEED TO WIN A JACKPOT. First things first.
                  dvdiva's avatar - 8ball

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                  Posted: April 18, 2005, 3:07 pm - IP Logged

                  I think it depends on sales. If sales go up then they should just add more money to the next roll so it can go from 12 to 20 faster. As far as the odds go your odds always are bad in a lottery. I didn't win the quinto at $5 million and the odds were only 1:2.6 million, odds are I won't win the Mega or powerball either. It's about hope and the chance to win more than anything.

                    dvdiva's avatar - 8ball

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                    Posted: April 18, 2005, 3:55 pm - IP Logged

                    I am also wondering why no official announcement on the website?

                      bobby623's avatar - abstract
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                      Posted: April 18, 2005, 4:50 pm - IP Logged



                      If you read the minutes of the March Texas Lottery Commission meeting (see Legal notices at their website) you will discover that MegaMillions isn't run by any one person. The lottery directors of the participating states make a lot of decisions via telephone, emails, etc. They do meet once in a while, but there are no announcements, no public information on an agenda, no minutes are kept (violates some states open records acts), winks, buddy systems, you name it. Maximum profit seems to be the main directive.

                      Basically, its a secret organization. They do follow a basic set of rules, which was discussed at length at the Texas commission meeting.

                      You will find a lot of comment about some potential problems when California starts.

                      I don't understand all of it, but I think everything they do is weighed by all directors, if only to protect the state's financial interests.
                       
                      I think a couple of directors have a free hand and aren't really responsible to anyone.

                      Dawn Nettles of lottoreport.com (see drawing results) has managed to get individual sales figures. She has lot of other information that players might find useful. Just scroll down her results page to MegaMillions.

                        rabbitfoot's avatar - 8ball

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                        Posted: April 18, 2005, 10:09 pm - IP Logged

                        I for one would like to see MegaMillions restructured to the point where jackpots are won in the $20-$50-million range.  We're being played for suckers if we have to wait for someone to win a $300-$400-million jackpot! No one really needs that kind of money.  Why not restructure where there could be 8-15 winners or so how of those super jackpots?

                        I play to dream and dream of winning a major jackpot!

                          Maverick's avatar - yinyang
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                          Posted: April 18, 2005, 10:44 pm - IP Logged
                          Quote: Originally posted by rabbitfoot on April 18, 2005


                          I for one would like to see MegaMillions restructured to the point where jackpots are won in the $20-$50-million range.  We're being played for suckers if we have to wait for someone to win a $300-$400-million jackpot! No one really needs that kind of money.  Why not restructure where there could be 8-15 winners or so how of those super jackpots?



                          $20 - $50 million... They'd probably say that's what your own state lottery is for.

                          $300 - $400 million jackpot... No one needs that kind of money, but that is what MM is about.

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                            Morrison, IL
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                            Posted: April 18, 2005, 10:50 pm - IP Logged

                              Not many state lotto jackpots get into the $20 to $50 million range that often.

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                              Greenwich, CT
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                              Posted: April 18, 2005, 11:15 pm - IP Logged

                              It's all about EXCESS.  More is good and more than more is even better!  Live a little, spend a little, dream a little, someone's going to win a lot.