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What means overall odds?

Topic closed. 8 replies. Last post 2 years ago by Crazy Wombat.

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Posted: February 27, 2015, 12:54 pm - IP Logged

What means overall odds in the following lotteries:

FLORIDA LOTTO�     Overall odds 1:67.36

POWERBALL�           Overall odds 1:31.85

MEGA MILLIONS�     Overall odds 1:14.71

    Raven62's avatar - binary
    New Jersey
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    June 28, 2005
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    Posted: February 27, 2015, 1:56 pm - IP Logged

    Overall odds are the odds that reflect your chances of winning a Lottery prize overall. Most people are aware of their chances of winning a jackpot, and quite a few are aware of the odds of winning the smallest prize, but unfortunately the overall odds tend to be ignored.

    Does it matter that people tend to be unaware of the overall odds of lottery games?  it does, and here's why: knowing the overall odds of winning allows you to focus on playing games that give you the best chance of getting a return.

    We would all like to win a lottery jackpot, but we all know that achieving such a goal is unlikely. So why not enter lottery games where we have a good chance of winning a smaller prize? We can still dream about scooping a million or two if we happen to get exceptionally lucky, but we can also look forward quite realistically to having some smaller wins as well.

    A mind once stretched by a new idea never returns to its original dimensions!

      RJOh's avatar - chipmunk
      mid-Ohio
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      Posted: February 27, 2015, 4:12 pm - IP Logged

      Overall odds are the odds that reflect your chances of winning a Lottery prize overall. Most people are aware of their chances of winning a jackpot, and quite a few are aware of the odds of winning the smallest prize, but unfortunately the overall odds tend to be ignored.

      Does it matter that people tend to be unaware of the overall odds of lottery games?  it does, and here's why: knowing the overall odds of winning allows you to focus on playing games that give you the best chance of getting a return.

      We would all like to win a lottery jackpot, but we all know that achieving such a goal is unlikely. So why not enter lottery games where we have a good chance of winning a smaller prize? We can still dream about scooping a million or two if we happen to get exceptionally lucky, but we can also look forward quite realistically to having some smaller wins as well.

      I Agree! Play all 15 megaballs every time and you're guaranteed at least a $1 win.

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

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        Posted: February 27, 2015, 5:02 pm - IP Logged

        Overall odds are the odds that reflect your chances of winning a Lottery prize overall. Most people are aware of their chances of winning a jackpot, and quite a few are aware of the odds of winning the smallest prize, but unfortunately the overall odds tend to be ignored.

        Does it matter that people tend to be unaware of the overall odds of lottery games?  it does, and here's why: knowing the overall odds of winning allows you to focus on playing games that give you the best chance of getting a return.

        We would all like to win a lottery jackpot, but we all know that achieving such a goal is unlikely. So why not enter lottery games where we have a good chance of winning a smaller prize? We can still dream about scooping a million or two if we happen to get exceptionally lucky, but we can also look forward quite realistically to having some smaller wins as well.

        I never really gave that much thought to the jackpot lottery games ... at a casino I certainly would in earlier years ... I understood what the term "overall odds" meant but it really didn't sink in.

        So I just looked at the five jackpot games in PA and here are the overall odds on all the games.

        Treasure Hunt --- 1:5.45

        Cash 5 --- 1:10.51

        Match 6 --- 1:5.90

        Mega Millions --- 1:14.71

        PowerBall --- 1:31.85

        Now that I look at the actual numbers more closely, it will probably influence my future playing and where I spend my dollars.

        Most of my play over the last few years has been on the Treasure Hunt and the Match 6 (6/49) game ... I think I'll just keep it that way.

        CW

          Dead_Aim's avatar - canstock2002989

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          Posted: February 27, 2015, 5:16 pm - IP Logged

          Don't let the term overall odds fool ya when it comes to Scratch Games though. Unlike the online games where you can win any prize at any time. Scratchers fudge their numbers big time. They only allow so many of the bigger winners out at a time over the lifetime of the game so there will always be a larger prize to strive for. They may only release two jp winners in the first 3 months of the game, and then two more 6 months down the line and so on...

          That is complete and utter BS. And when they say things like 1 in 3 chances, that is for a push. When did a push become a win? You broke even. How is that a win?

          Don't Chase... Compare and Narrow

          The Cheaper the Cost the Higher the Profit

          Many Winners to You.

          D_A

            Romancandle's avatar - moon
            Upacreek
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            Posted: February 27, 2015, 7:14 pm - IP Logged

            Don't let the term overall odds fool ya when it comes to Scratch Games though. Unlike the online games where you can win any prize at any time. Scratchers fudge their numbers big time. They only allow so many of the bigger winners out at a time over the lifetime of the game so there will always be a larger prize to strive for. They may only release two jp winners in the first 3 months of the game, and then two more 6 months down the line and so on...

            That is complete and utter BS. And when they say things like 1 in 3 chances, that is for a push. When did a push become a win? You broke even. How is that a win?

            I agree... The odds are whacked for scratchers.

            Given the way tickets are distributed, games cancelled Etc.  I don't know how they come up with any realistic odds.

            -RC

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              Posted: February 28, 2015, 8:57 am - IP Logged

              What means the numbers 1:67.36 ?

                LottoMetro's avatar - Lottery-024.jpg
                Happyland
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                Posted: February 28, 2015, 10:22 am - IP Logged

                What means the numbers 1:67.36 ?

                It means that the probability of winning when you buy a ticket is roughly 1/67.36 = ~ 1.48%

                It does not mean that buying 68 tickets will guarantee a win. The probability of not winning anything after buying 68 tickets is about 36%! Of course, this assumes independence (i.e. quick pick in draw games). Like in Mega Millions, you can buy all 15 balls and guarantee a win but buying 15 quick picks still has a 34.8% chance of not winning anything. Scratch-offs do not possess independence, although lotteries try to structure them as close as possible.

                Rule of thumb for me is play the games with the best overall odds and a top prize that interests me (traditionally this means scratch-offs only). Payouts can differ drastically between various games but in almost all cases the ones with the best (lowest) overall odds are the best bets for the frequent player.

                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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                  Posted: February 28, 2015, 10:38 am - IP Logged

                  It means that the probability of winning when you buy a ticket is roughly 1/67.36 = ~ 1.48%

                  It does not mean that buying 68 tickets will guarantee a win. The probability of not winning anything after buying 68 tickets is about 36%! Of course, this assumes independence (i.e. quick pick in draw games). Like in Mega Millions, you can buy all 15 balls and guarantee a win but buying 15 quick picks still has a 34.8% chance of not winning anything. Scratch-offs do not possess independence, although lotteries try to structure them as close as possible.

                  Rule of thumb for me is play the games with the best overall odds and a top prize that interests me (traditionally this means scratch-offs only). Payouts can differ drastically between various games but in almost all cases the ones with the best (lowest) overall odds are the best bets for the frequent player.

                  Yes, the scratch off tickets are just pure luck that you are in the right part of the book for a winner or two. I don't buy them anymore ... but years ago I bought 18 $1 scratch tickets of the same game and won nothing ... but as most players know, out of just 10 or 12 tickets in a book, there can be several winners all together.

                  Just too hard to figure anything on them ... all pure luck of being in the right place, buying the right game and hoping someone didn't already buy the big winner ... all that's left are some "peanut" wins.

                  CW