Powerball

[gunslingerdick]

Ok, so I don't play the lottery. It's just never been my thing. But I had an interesting thought. Help me out here because I'm not a stats/probability type of thinker.

I read that the chances of winning the powerball are 1 in 292 million. So let's say I had $300 million to my name. Theoretically, could I purchase every combination of numbers and ensure that I turn my $300 million into close to $700 million? Would that work? Let's put aside the fact that someone with $300 million obviously wouldn't need to do this or the fact that most likely they'd be splitting the money with another winner. I'm just trying to understand the probability part of it. Any MIT grads out there?

 

[BillyL]

$800 million mark was passed this morning, with a possible $1B by Saturday.

 

[heelmanwilm]

I would keep my job(s) just to stay busy






BWAHAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!

 

[JuleZ '02 HEEL]

Aren't Powerball tickets more than $1?

 

[TarHeelNation11]

Aren't Powerball tickets more than $1?

$1 more

 

[JuleZ '02 HEEL]

Still, I think 'slinger should go to the bank to borrow $300 mil with this business plan, and make a video clip of the reactions and explanations for YouTube.

 

[TarHeelNation11]

Still, I think 'slinger should go to the bank to borrow $300 mil with this business plan, and make a video clip of the reactions and explanations for YouTube.

This would be EVERYTHING. GSD, please do it.

Wait what am I saying? The man doesn't even write checks. No way does he have a bank account.

 

[gunslingerdick]

Still, I think 'slinger should go to the bank to borrow $300 mil with this business plan, and make a video clip of the reactions and explanations for YouTube.

I really might do this. Would be hysterical.

 

[TarHeelNation11]

I really might do this. Would be hysterical.

You'd give the poor sweet woman at the Lynchburg Regional Bank a dang heart attack

 

[Heels in Space]

I've thought some about this idea in the past, and I think the main problem with it (other than the risk of splitting the jackpot) is the logistics. There's simply not enough time to purchase all those tickets in the three days or so that you have between drawings unless you hire an army of people to do it. Would they all want an even cut? Could you trust them all with the cash needed to buy the tickets? You'd have to have a whole organization ready to go once the jackpot reached a certain level, and even then, if one or two other people hit the jackpot, you just lost a ton of money.

The whole thing sounds like a nightmare, but it would be awesome if someone tried it.

 

[BillyL]

Pretty sure a group from Australia pulled this off 10 years or more back IIRC.

From the article linked :

In Virginia this month, one investment group came tantalizingly close to cornering the market on all possible combinations of six numbers from 1 to 44. State lottery officials say that the group bought tickets for 5 million of a possible 7 million combinations, at $1 each, in a lottery with a $27 million jackpot. Only a lack of time prevented the group from buying tickets for the remaining 2 million combinations.

http://www.nytimes.com/1992/02/25/u...ge-bets-in-lottery.html?pagewanted=all&src=pm

 

[Heels in Space]

Pretty sure a group from Australia pulled this off 10 years or more back IIRC.

From the article linked :

In Virginia this month, one investment group came tantalizingly close to cornering the market on all possible combinations of six numbers from 1 to 44. State lottery officials say that the group bought tickets for 5 million of a possible 7 million combinations, at $1 each, in a lottery with a $27 million jackpot. Only a lack of time prevented the group from buying tickets for the remaining 2 million combinations.

http://www.nytimes.com/1992/02/25/u...ge-bets-in-lottery.html?pagewanted=all&src=pm

Looks like 20 years ago, there were only 44 numbers to choose from. Now there are 69. So the number of possible combinations has gone up from 7 million to 292 million.

 

[Raising Heel]

Only a lack of time prevented the group from buying tickets for the remaining 2 million combinations.

And that's back when there were only 7 million total combinations. Today's 292 million combinations mean it's about 42 times more difficult to pull off that kind of stunt. Good luck with that, GSD.

[ETA:] HIS beat me to it. But really, good luck with that.

 

[TarHeelNation11]

Looks like 20 years ago, there were only 44 numbers to choose from. Now there are 69. So the number of possible combinations has gone up from 7 million to 292 million.

And that's back when there were only 7 million total combinations. Today's 292 million combinations mean it's about 42 times more difficult to pull off that kind of stunt. Good luck with that, GSD.

[ETA:] HIS beat me to it. But really, good luck with that.

Don't let them kill your dream, Dick. You can do this.

 

[prlyles]

I 'm sure some will think I'm crazy but If I won I would tear the ticket up. I would love to win a few million but this is just too much money. It would change my life more than I want it changed. I'm too old for that.

 

[JuleZ '02 HEEL]

I 'm sure some will think I'm crazy but If I won I would tear the ticket up. I would love to win a few million but this is just too much money. It would change my life more than I want it changed. I'm too old for that.

You're crazy.

 

[TarHeelNation11]

I 'm sure some will think I'm crazy but If I won I would tear the ticket up. I would love to win a few million but this is just too much money. It would change my life more than I want it changed. I'm too old for that.

You could donate the winnings to the OOTB regulars

 

[TarHeelNation11]

I can tell you one thing, if I win this powerball, Carolina Football is fixing to get real, real good.

 

[Hark_The_Sound_2010]

I'm no MIT grad (just a run of the mill UNC grad), but no that idea wouldn't be profitable (plus if it was, don't you think people would be doing it?).

Even if the jackpot is 800M or whatever it is, the lump sum payout is "only" like $475M or something (and due to time value of money, if you take the annuity $800M over X years, you're still only getting a present value that is the same - $475M). Then comes the taxes - which is like 50% on something like this. Then comes the possibility of splitting it with one or multiple others as someone mentioned above.

I'm in for a few tickets for tomorrow's drawing though - even knowing how bad of a bet it is, I still couldn't resist

 

[bleeduncblue]

Computer generated or roll your own? What's your style?

 

[gteeitup]

or maybe more like this guy...

 

[bleeduncblue]

or maybe more like this guy...

View embedded media

HILARIOUS !!!!!!!!!!!!!!!!!

 

[UNC71-00]

or maybe more like this guy...

View embedded media

I have clicked this about 10 times and it gets funnier each time.

 

[UNC71-00]

My favorite part is after he drops the bomb, he just goes back to filling out his ticket.

 

[TarHeelNation11]

10 tickets acquired. Picked numbers on one and just did quick pick on the other 9.

Everyone who's posted in this thread gets a mill if I win

 

[TarHeelMark]

^I'm in... Or is it too late?

Hey, I'll throw a mill back at ya if I win!

 

[JuleZ '02 HEEL]

10 tickets acquired. Picked numbers on one and just did quick pick on the other 9.

Everyone who's posted in this thread gets a mill if I win

You know we're going to hold you to that, right? We will know.

 

[bleeduncblue]

Same here, $1m for everyone who's posted here before the drawing. GOOD LUCK

 

[TarHeelMark]

Damn! Can't believe I didn't win. I bought FIVE tickets for crying out loud.

 

[coryfly]

I didn't play but may for whenever the next drawing is. I don't even know when it is, haha.

 

[TarHeelNation11]

Damn! Can't believe I didn't win. I bought FIVE tickets for crying out loud.

I bought TEN. I thought for sure I had it in the bag!

 

[TarHeelMark]

Oh well, I guess I'll just have to win the 1.3B next week...

 

[keysersosay#1]

1.3 BILLION.!!!!!!!!!!!!.. we are talking serious cash, even after taxes and the lump sum option. I bought a few yesterday and will certainly try my hand for a few Wed.


WOW!!!!!!!!!!!!!!!!!!!

 

[TarHeelMark]

The lump sum is ~ $800M, so probably about half a billion after taxes? I could get by on that...

 

[UNC71-00]

If you chose lump sum, take home is about 1/3 of face value on ticket.

 

[TarHeelMark]

If you chose lump sum, take home is about 1/3 of face value on ticket.

oh... thought I heard the news say $806 million or something like that. Either way, I'd be OK with it.

 

[HookUNC75]

So I spent $20 and did power play on a few of the numbers. Didn't hit on any of the white number balls but did get a power ball on a set of numbers that was power play so I won $12. I guess I need to celebrate only losing $8 on my $20 investment.

 

[yrusonvus]

TarHeelNation11
Everyone who's posted in this thread gets a mill if I win

Ok i'm going to post here, just in case this rule still applies at the next drawing.

 

[grillheel]

TarHeelNation11
Everyone who's posted in this thread gets a mill if I win

Ok i'm going to post here, just in case this rule still applies at the next drawing.

Me too!

 

[tarheelbybirth]

In before the deadline.