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Good to know: Fuzzy math advice

Topic closed. 2 replies. Last post 11 months ago by GYM RICE.

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Zeta Reticuli Star System
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January 17, 2006
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Posted: January 13, 2016, 5:49 pm - IP Logged

Powerball reality check: Fuzzy math advice abounds before colossal drawing

Economists and statisticians warn those eyeing that $1.4 billion jackpot against buying ‘as many tickets as you can afford...

...Sure, purchasing as many tickets as you can afford would improve your odds, but they would still be infinitesimal — you would just be deeper in the red.

“It’s bad advice because, believe it or not, there’s essentially no meaningful improvement in your chances of winning if you were to buy $1 million worth of tickets instead of $2 worth of tickets,” Craig Harrington, the economic policy program director for MMfA, said to Yahoo News. “So, urging people to buy as many tickets as they can wont really do anything for them, unless theyre able to buy about $300 million worth of tickets" (which would give them a 50-50 chance of picking the winning numbers)

Entire article:

http://news.yahoo.com/powerball-reality-check--fuzzy-math-advice-abounds-before-colossal-drawing-194338799.html#

Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

Lep

There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

    hearsetrax's avatar - 0118

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    Member #52345
    May 21, 2007
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    Posted: January 14, 2016, 6:23 am - IP Logged

    Powerball reality check: Fuzzy math advice abounds before colossal drawing

    Economists and statisticians warn those eyeing that $1.4 billion jackpot against buying ‘as many tickets as you can afford...

    ...Sure, purchasing as many tickets as you can afford would improve your odds, but they would still be infinitesimal — you would just be deeper in the red.

    “It’s bad advice because, believe it or not, there’s essentially no meaningful improvement in your chances of winning if you were to buy $1 million worth of tickets instead of $2 worth of tickets,” Craig Harrington, the economic policy program director for MMfA, said to Yahoo News. “So, urging people to buy as many tickets as they can wont really do anything for them, unless theyre able to buy about $300 million worth of tickets" (which would give them a 50-50 chance of picking the winning numbers)

    Entire article:

    http://news.yahoo.com/powerball-reality-check--fuzzy-math-advice-abounds-before-colossal-drawing-194338799.html#

    heres another $0.02's worth

    http://www.wired.com/2016/01/the-fascinating-math-behind-why-you-wont-win-powerball?mbid=nl_11216

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      NH
      United States
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      December 5, 2009
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      Posted: January 14, 2016, 5:11 pm - IP Logged

      Mark Cuban gave good advice about this massive PB. Except for when he said that anyone who wins it should take the annuity.