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The odds of winning prizes are shown in table from the official Mega Millions website. From the table, you can calculate the cumulative probability of winning a prize and the expectation of the prize.
- If you bought 1 ticket
You have 1/75 + 1/141 + 1/844 + 1/306 + 1/13781 + 1/15313 + 1/689065 + 1/3904701 + 1/175711536 = 1/40 chances to win a prize with the expectation of $2/75 + $3/141 + $10/844 + $7/306 + $150/13781 + $150/15313 + $10,000/689065 + $250,000/3904701 + Jackpot/175711536 = $0.83. Here we assumed Jackpot prize is $12,000,000. This can be interpreted statistically as follows: You pay $1 to buy 1 ticket, and you have 2.5% of chances to get $0.83 back out of your $1 and 97.5% of chances to lose your $1. So, the expected net worth of the 1 ticket is 0.025x$0.83=$0.02, which is about 2% of the purchased ticket price.* In case the Jackpot is rolled over, the expectation of the prize will increase, but increasing the Jackpot prize from $12,000,000 to $120,000,000 only results in increasing the expectation of the prize from $0.83 to $1.44, thus the expected net worth of a ticket increases from 0.025x$0.83=$0.02 to 0.025x$1.44=$0.036, which is a trivial difference.
* The calculations are brought from PickSmarter.com.
- If you bought 2 tickets
The chances for at least one of 2 tickets to win a prize is 1-(39/40)2 =0.049 with the expectation of $1.65. So, you pay $2 to buy 2 tickets, and you have 4.9% of chances to get $1.65 back out of your $2 and 95.1% of chances to lose your $2. The expected net worth of the 2 tickets is 0.049x$1.65=$0.08, which is about 4% of the purchased tickets price.
- If you bought 40 tickets
The chances for at least one of 40 tickets to win a prize is 1-(39/40)40 =0.637 with the expectation of $33.04. So, you pay $40 to buy 40 tickets, and you have 63.7% of chances to get $33.04 back out of your $40 and 36.3% of chances to lose your $40. The expected net worth of the 40 tickets is 0.637x$33.04=$21.05, which is about 52% of the purchased tickets price.
- If you bought 100 tickets
The chances for at least one of 100 tickets to win a prize is 1-(39/40)100 =0.92 with the expectation of $83. So, you pay $100 to buy 100 tickets, and you have 92% of chances to get $83 back out of your $100 and 8% of chances to lose your $100. The expected net worth of the 100 tickets is 0.92x$83=$76.4, which is about 76% of the purchased tickets price.
So, the more tickets you buy, the chances of at least one of your tickets win a prize increase with higher expected amount of prize, and thus the chances of your getting nothing decrease, but the amount of money you lose increases when you do lose. The percentage of the expectected net worth of the ticksts gradually converges to the purchased tickets price, at the risk of losing more money with less probability.
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What are the odds of winning millions in the lottery?
Very poor. New York Lotto, for instance, is 6 balls in a field of 54, with two games played for a dollar. The odds of hitting the jackpot is thus 2 in 25,827,165.
Do you have a more of a chance getting hit by lighting then wining the mega millions?
The odds of winning the "Mega Millions" is stated as 1 out of 176,000,000 while your odds of being hit by lightning is (generally) 1 out of 576,000 -- so yeah you are 300 times more likely to be hit by lightning than to win the lottery.
What are the odds of winning the Powerball Jackpot?
Thats five matching numbers 1-55 and the Powerball match a 1-42 chance. Odds of winning the Powerball Jackpot are 1 in 146,107,962 With the addition of Florida to the PowerBall (Jan, 2009). The probablity has changed. It is now:Five matching numbers 1-59 and the Powerball match a 1-39 chanceOdds of winning the Powerbal Jackpot are 1 in 195,249,054
How do you win jackpot?
Winning a jackpot typically involves playing a game of chance, such as a lottery or a slot machine, and having your numbers or symbols match the winning combination. The odds of winning a jackpot are usually very low, so it's important to remember that winning is largely based on luck rather than skill or strategy.
What are the odds for winning the lotery?
The odds of winning are 10,000,000,000, to 1.
What are the odds of winning the current mega millions jackpot?
1 in 176 million .
What are the odds of winning millions in the lottery?
Very poor. New York Lotto, for instance, is 6 balls in a field of 54, with two games played for a dollar. The odds of hitting the jackpot is thus 2 in 25,827,165.
Do you have a more of a chance getting hit by lighting then wining the mega millions?
The odds of winning the "Mega Millions" is stated as 1 out of 176,000,000 while your odds of being hit by lightning is (generally) 1 out of 576,000 -- so yeah you are 300 times more likely to be hit by lightning than to win the lottery.
What are my chances of winning the UK lotto with 1 ticket?
Straight from the Wikipedia article on the game... The odds of winning the jackpot are 45,057,474 to 1
What are the odds of winning the Powerball Jackpot?
Thats five matching numbers 1-55 and the Powerball match a 1-42 chance. Odds of winning the Powerball Jackpot are 1 in 146,107,962 With the addition of Florida to the PowerBall (Jan, 2009). The probablity has changed. It is now:Five matching numbers 1-59 and the Powerball match a 1-39 chanceOdds of winning the Powerbal Jackpot are 1 in 195,249,054
How do you win jackpot?
Winning a jackpot typically involves playing a game of chance, such as a lottery or a slot machine, and having your numbers or symbols match the winning combination. The odds of winning a jackpot are usually very low, so it's important to remember that winning is largely based on luck rather than skill or strategy.
What is the chances of winning the lottery?
It depends on the particular lottery. For Mega Millions, which is five balls out of a field of 56, and one ball out of a field of 46, the odds of hitting the jackpot are 1 in 56 * 55 * 54 * 53 * 52 / 5 / 4 / 3 / 2 * 46 or 1 in 175,711,536. In short - slim to none.The odds are far greater for getting in a fatal automobile accident or being struck by lightning. Gee - I should play because I have been struck by lightning!
What are the odds for winning the lotery?
The odds of winning are 10,000,000,000, to 1.
What are the odds of winning the Texas lottery?
http://www.justlottery.com/tx/texas-games.htmlTo hit the jackpot it's 1:25,827,162 million.
Given odds 9 to 7 what are the odds of winning?
If the odds are 9 to 7, the chance of winning is 43.75%
Do you win something if you match two numbers in the mega millions?
If you are playing Mega Millions and you match 0 white balls + the Mega Ball, then you get $2. If you match 1 white ball + Mega ball, then you get $3, before taxes. If you match 3 white ball, then you get $7, before taxes. If you match 2 white ball + Mega ball, then you get $10, before taxes. If you match 3 white ball + Mega ball, then you get $150, before taxes. If you match 4 white ball, then you get $150, before taxes. If you match 4 white ball + Mega ball, then you get $10,000, before taxes. If you match 5 white ball, then you get $250,000, before taxes. If you match 5 white ball + Mega ball, then you get to split the jackpot, before taxes, with everybody who picked the same numbers that you did. If you are the only person to win the jackpot, then you get all of it. If 2 (two) people won the jackpot, then they each get half of it. If 3 (three) people won the jackpot, then they each get a third of it.
If the odds of a horse winning a horse race are 2 to 7 then the odds against that horse winning the race are?
If the odds of a horse winning a horse race are 2 to 7 then the odds against that horse winning the race are 7 to 2.
