Nov 282012
 

 

Since the world has gone nuts with this 550 million dollar powerball, I figure I will share my thoughts on the lottery.

 

  • The chances of winning are 1 in 175,223,510.
  • Each ticket is an independent variable only way to increase your odds are to buy more tickets.
    • If you spend $34645 on tickets you will increase you chances to 1 in 10,000.
  • The higher the jackpot the more likely it is that someone will win.
    • it is also more likely that you will have to split the prize, as the higher number of players also increases the likelihood of having the same numbers as someone else.
  • If you win and take the lump sum (around ~360.2million), you will have to pay 90 million in federal taxes + whatever you state takes
    • darn you only get to keep around 231 million. (darn)
  • If you take that 231 million and just put it in a regular bank account at 1% interest, you will make around $9092.26 per day in interest. (compounded quarterly and divided over 365)
  • You would become the ~2,169 richest person in the USA
  • $.30 for every dollar of tickets purchased goes to schools (in most states), This lottery is worth $311 Million for education.
  • You are more likely to do any of the following things then win
    • Odds of bowling a 300 game: 11,500 to 1
    • Odds of getting a hole in one: 5,000 to 1
    • Odds of being an astronaut: 13,200,000 to 1
    • Odds of winning an Olympic medal: 662,000 to 1
    • Odds of injury from fireworks: 19,556 to 1
    • Odds of injury from shaving: 6,585 to 1
    • Odds of injury from using a chain saw: 4,464 to 1
    • Odds of injury from mowing the lawn: 3,623 to 1
    • Odds of fatally slipping in bath or shower: 2,232 to 1
    • Odds of drowning in a bathtub: 685,000 to 1
    • Odds of being struck by lightning: 576,000 to 1
    • Odds of being killed by lightning: 2,320,000 to 1
    • Odds of being murdered: 18,000 to 1
    • Odds of getting away with murder: 2 to 1
    • Odds of catching a ball at a major league ballgame: 563 to 1
    • Odds of becoming a pro athlete: 22,000 to 1
    • Odds of getting a royal flush in poker on first five cards dealt: 649,740 to 1

 

I really do hope that you win so….may the odds be ever in your favor.