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Another how do I calculate these odds?

Topic closed. 9 replies. Last post 2 years ago by JWBlue.

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San Diego, CA
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Posted: February 21, 2015, 10:15 am - IP Logged

A scratcher has odds to win the following prizes.

 

$5M - 1 in 6M

$2M - 1 in 6M.

 

What are the odds of winning a prize of at least 2M?

    SergeM's avatar - slow icon.png
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    Posted: February 21, 2015, 10:30 am - IP Logged

    0

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      Posted: February 21, 2015, 2:07 pm - IP Logged

      A scratcher has odds to win the following prizes.

       

      $5M - 1 in 6M

      $2M - 1 in 6M.

       

      What are the odds of winning a prize of at least 2M?

      I think you stated the odds to win 2 million. It's 1 in 6 million

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        San Diego, CA
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        Posted: February 21, 2015, 2:47 pm - IP Logged

        I think you stated the odds to win 2 million. It's 1 in 6 million

        I am asking the odds of winning either $2M or $6M.

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          Posted: February 21, 2015, 5:20 pm - IP Logged

          I'm not an expert on odds, but I'm going to guess it's 1 in 3 million. It's still awful odds, it's hard enough to guess 3 on Pick3 Exact, with odds of 1 in 1000

          Hopefully the experts will answer soon.

            MrProgrammer's avatar - Lottery-001.jpg

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            Posted: February 21, 2015, 5:29 pm - IP Logged

            Odds are not good.

            MrProgrammer  Cool

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              Posted: February 21, 2015, 7:56 pm - IP Logged

              that is when they start the game !!they start with X amount of winning ticks and some states lotto websites you can check how many of the BIG  winning ones are left.

              You may buy a tick without knowing the 2 mil$ ticket  have already been awarded.in that case the odds are ZERO.

                RJOh's avatar - chipmunk
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                Posted: February 22, 2015, 5:44 pm - IP Logged

                Depends on the number of tickets brought for each game.  If you don't buy a ticket your odds of winning would be 0 even with 1in10 odds.

                 * you don't need to buy more tickets, just buy a winning ticket * 
                   
                             Evil Looking       

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                  Posted: February 22, 2015, 6:57 pm - IP Logged

                  A scratcher has odds to win the following prizes.

                   

                  $5M - 1 in 6M

                  $2M - 1 in 6M.

                   

                  What are the odds of winning a prize of at least 2M?

                  Assuming 1 ticket purchased, the probability of winning at least that much is simply the sum of the probability of winning $5 million and the probability of winning $2 million. 1/6000000 + 1/6000000 = 1/3000000. This is because you can win $5 million and still meet the criteria for winning at least $2 million.

                  It would be the same if there were a hundred different prizes. Simply add the probability of winning each of the tiers that meet your criteria (remember, the lottery calculates the odds of you winning only THAT prize and none other, which is why posted odds can look incorrect or too high sometimes). This gets trickier for multiple trials, though. And yes, for scratchers the odds change as tickets are sold. However, they are usually within 3% of the advertised value.

                  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?

                  2016: -48.28% (13 tickets) ||
                  P&L % = Total Win($)/Total Wager($) - 1

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                    San Diego, CA
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                    Posted: February 22, 2015, 7:05 pm - IP Logged

                    Assuming 1 ticket purchased, the probability of winning at least that much is simply the sum of the probability of winning $5 million and the probability of winning $2 million. 1/6000000 + 1/6000000 = 1/3000000. This is because you can win $5 million and still meet the criteria for winning at least $2 million.

                    It would be the same if there were a hundred different prizes. Simply add the probability of winning each of the tiers that meet your criteria (remember, the lottery calculates the odds of you winning only THAT prize and none other, which is why posted odds can look incorrect or too high sometimes). This gets trickier for multiple trials, though. And yes, for scratchers the odds change as tickets are sold. However, they are usually within 3% of the advertised value.

                    Thank you.

                     

                    I thought so but was not sure.