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1.5 Billion Dollars (you're not good enough)

Jangler

By Jangler,
in Huddle Lounge

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PhillyB Grand Master

PhillyB

Posted
Posted
On January 11, 2016 at 1:33 PM, Bronn said:

FWIW if you know someone with the money and the time, you can actually now guarantee a profit by buying up every single number combination... That is IF nobody else wins and you have to share it.

IIRC the odds are 1 in like 175,000,000 or so... Each combination is $2, so you'd spend $3.5 million and, if nobody else hit, get at least 150 million from the jackpot alone.

You'd also guarantee to hit (I think) $5 million in $100,000 prizes because you'd have all 5 white numbers correct 50 times and other lesser value prizes as well.

I read an article about this the other day, but in order to coordinate the effort, you'd basically need 525 or so TRUSTED people, each of whom you would give over $600,000 to to use for ticket combinations. Then you would have to trust them to pick their right numbers (over 300,000 sets) and not overlap someone else's numbers in your group. Then you have to trust them to share the winning ticket with the rest of the group.

If this doesn't tell you how astronomically stacked against you the odds are, and how difficult the lottery is to win and how much luck comes into play, then I can't help you.

That said, I plan on dropping $10 on 5 sets of numbers for Wednesday. Can't win if you don't play, I guess.

i really don't know why nobody's done this. if you've got 3.5 million to invest into a 400 million payoff, it doesn't seem like much of a stretch to hire out a couple classes of university students or something and take the whole thing.

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cookinbrak Grand Master

cookinbrak

Posted
Posted
On 1/11/2016 at 1:33 PM, Bronn said:

FWIW if you know someone with the money and the time, you can actually now guarantee a profit by buying up every single number combination... That is IF nobody else wins and you have to share it.

IIRC the odds are 1 in like 175,000,000 or so... Each combination is $2, so you'd spend $3.5 million and, if nobody else hit, get at least 150 million from the jackpot alone.

You'd also guarantee to hit (I think) $5 million in $100,000 prizes because you'd have all 5 white numbers correct 50 times and other lesser value prizes as well.

I read an article about this the other day, but in order to coordinate the effort, you'd basically need 525 or so TRUSTED people, each of whom you would give over $600,000 to to use for ticket combinations. Then you would have to trust them to pick their right numbers (over 300,000 sets) and not overlap someone else's numbers in your group. Then you have to trust them to share the winning ticket with the rest of the group.

If this doesn't tell you how astronomically stacked against you the odds are, and how difficult the lottery is to win and how much luck comes into play, then I can't help you.

That said, I plan on dropping $10 on 5 sets of numbers for Wednesday. Can't win if you don't play, I guess.

A lot of the numbers are off. The reason that the odds are 1 in 262 mil is because there are 262 mil combinations.

http://www.theatlantic.com/business/archive/2016/01/powerball-ticket-all-combinations/423930/

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Bob NC Rookie

Bob NC

Posted
Posted
On 1/10/2016 at 8:41 AM, Anybodyhome said:

Keep in mind that while the lottery number may be $1.7B, the actual; winning amount will be only half of that (the rest goes to whomever sponsors the lottery. NC Education or whomever). 

So $850M is the total winning amount. Subtract the 39.4% for the IRS and you have $510M.... hardly worth my time. 

Couldn't be more wrong.

The advertised prize IS the prize.  The profit has been taken off the top already.

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