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Another stupid math question

Topic closed. 11 replies. Last post 11 years ago by afumbler.

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Posted: March 30, 2006, 3:26 pm - IP Logged

Is it better to buy a 7$ scratch off with a 1 in 2.73 chance of winning, or to buy 3

2$'s with a 1 in 4.27 chance each?  You have a better chance of winning with the three tickets than you do with the one.  You would have a 70% chance of winning a prize with three tickets and only about a 37% chance with the one $7.  Is that right?

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    Posted: March 30, 2006, 4:54 pm - IP Logged

    That's not right is it?

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      Posted: March 30, 2006, 6:00 pm - IP Logged

      I guess the answer is the odds are better on the 7$ ticket than the three 2$ tickets any day.

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        Posted: March 30, 2006, 6:26 pm - IP Logged

        I think the percentage of winning a prize with the three $2 tickets would be 30.2%.

        The odds for winning with the $7 ticket would be 36.6%.

        Anybody know if that's right?

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          Posted: March 31, 2006, 3:43 pm - IP Logged

          Let's put it this way: say I sell you a $3 ticket that pays everyone $1, isn't that 100% chance of winning?

           

            cv844's avatar - Lottery-049.jpg
            texas
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            Posted: March 31, 2006, 4:03 pm - IP Logged

            I would buy 3 two dollar tickets and 1 1 dollar ticket

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              Posted: March 31, 2006, 4:34 pm - IP Logged

              Yeah, that's what I meant by winning a prize, but they don't have $1 winners on $3 tickets.  Not here anyway.  I was just trying to figure the odds of winnig any prize like what is represented in the odds they give.  I wasn't trying to figure out how to make money.  If I was really trying to make money I wouldn't be buying lottery ticketsBig Smile.  I was just trying to figure out  how you calculate the odds for winning any prize.  I think the 7$ ticket would be better than 3 2's and a 1, unless you really had better odds on the 1 than they have in TX.

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                Posted: March 31, 2006, 4:44 pm - IP Logged

                In that case, then the chance of getting nothing from 3 $2 ticket is 76%*76$*76%=45%, the chance of getting at least one prize from them is 1-45%=55%.

                 

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                  Posted: March 31, 2006, 5:17 pm - IP Logged

                  Thanks. That's what I was trying to figure out.  It is better to get the three $2 tickets.  Or at least I'll have a better chance of winning a prize, even if I'm not making money.

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                    Posted: March 31, 2006, 5:33 pm - IP Logged

                    But if I assume the minimum prize, $2 or $7 and multiply I get $1.10 vs. $2.10.  Is that a valid way to look at it?  It's a different question than my original.  But I invested $6 vs $7 so I guess it would make sense to buy the dollar ticket too.  Too much math for me. 

                      casper's avatar - scene sunovermountains.jpg
                      Burton,Texas
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                      Posted: April 27, 2006, 10:50 am - IP Logged

                      If you bought 7 tickets of any size and only one was a winnier, who won the

                      money on the other six?     

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                        Posted: April 27, 2006, 11:09 am - IP Logged

                        Texas