|Posted: September 26, 2014, 1:17 pm - IP Logged|
And remember that California didn't have the Powerball game until April 2013. 5 jackpot winners in less than 1.5 years. Hmmmmmmm.
Despite joining 1/3 into the year, California sold about 223.3 million Powerball tickets last year. Add that to the 140.5 million so far this year, and you get 363,800,000 tickets sold. That's pretty substantial, enough to expect at least 2 winners without even blinking. Using the formula I posted in another thread, the probability of 4 or more winners from California in the 1.5 year period is about 15.7%. That gives odds of 1 in 6.4, which makes it seem not so unlikely after all.
If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?
2017: 0% (0 tickets)
P&L % = Total Win($)/Total Wager($) - 1