You clearly didn’t read my whole post. But whatever . . . that’s one less competitor for the winning ticket. 
[quote]brucevangeorge wrote:
Damici wrote:
But if you actually win $300 million (or any substantial amount)?? JIMINY – FUCKING – CHRISTMAS, will that change your life!!!
Winning the Lottery: 14 million to one
Being struck by lightning: 10 million to one
Keep waiting dude.[/quote]
[quote]Damici wrote:
You clearly didn’t read my whole post. But whatever . . . that’s one less competitor for the winning ticket. ;)[/quote]
LOL.
Don’t worry bout me though. We got a different lottery in Canada. Its exactly the same as yours except with less money.
[quote]brucevangeorge wrote:
Damici wrote:
Winning the Lottery: 14 million to one
Being struck by lightning: 10 million to one
Keep waiting dude.[/quote]
i actually know someone who got struck and i know a jackpot lottery winner. weird
[quote]toughcasey wrote:
brucevangeorge wrote:
Damici wrote:
Winning the Lottery: 14 million to one
Being struck by lightning: 10 million to one
Keep waiting dude.
i actually know someone who got struck and i know a jackpot lottery winner. weird[/quote]
You know 24 million people?
Someone answer me this:
If you play a pick 3 are your odds the same if you choose 3 of the same numbers or any random 3?
Examples- Does 888 have worse odds than 249
Also, if 689 hasn’t hit in 12 years does its odds increase?
[quote]E-man wrote:
Someone answer me this:
If you play a pick 3 are your odds the same if you choose 3 of the same numbers or any random 3?
Examples- Does 888 have worse odds than 249
[/quote]
Odds are the same for both.
No it’s odds do not increase.
Each drawing is an independent trial. The results of a prior drawing do ont affect future drawings.
It’s like the old question: If you flip a coin 25 times and it comes up heads all 25 times in a row, are the odds higher that the next flip will be tails? No, it isn’t. The odds for the next flip are still 50/50.
Well put.
Odds are funny, how they can seemingly defy logic with their results and yet the odds are still the same. I was once at a casino with a couple friends who were into roulette (which isn’t my game at all – that’s just too mindlessly boring a game AND too stacked against you to be any fun in my opinion, unlike blackjack).
Anyway, we were just watching this one roulette table for a little while and noticed that the number 25 kept hitting – like, a lot over the course of 10 or 15 minutes. Now, statistically, it shouldn’t hit any more often than any of the other numbers, at that roulette table or any other. But it seemed to be so consistent that I started playing (though I normally think it’s a stupid game), put a few decent-sized bets on 25 and came away up $700 after about half an hour, with most of those winnings coming from my bets on the number 25.
My suspicion is that there might be slight physical differences or abnormalities in the roulette wheel/table/mechanism, such that if it’s SLIGHTLY unevenly set up, even by a hundreth of a millimeter, or there’s a SLIGHT deformity or groove somewhere in . . . something in the mechanism . . . then you might get an oddity like that.
Just a hunch. But I digress . . .
[quote]Nothingface wrote:
E-man wrote:
Someone answer me this:
If you play a pick 3 are your odds the same if you choose 3 of the same numbers or any random 3?
Examples- Does 888 have worse odds than 249
Odds are the same for both.
Also, if 689 hasn’t hit in 12 years does its odds increase?
No it’s odds do not increase.
Each drawing is an independent trial. The results of a prior drawing do ont affect future drawings.
It’s like the old question: If you flip a coin 25 times and it comes up heads all 25 times in a row, are the odds higher that the next flip will be tails? No, it isn’t. The odds for the next flip are still 50/50.
[/quote]
[quote]duece wrote:
I will buy two tickets a week, one for each Powerball drawing. Do I expect to win? No, absolutely not. Two bucks for the entertainment of thinking what I would do if I won is worth the money. And to the people that say they buy tickets when it gets high enough. Does it matter that much if you win 15 million or 360 million? They are both life changing.[/quote]
ditto
thats why i buy a ticket once in a while, no matter how high the jackpot is. its pretty fun.
[quote]Damici wrote:
Anyway, we were just watching this one roulette table for a little while and noticed that the number 25 kept hitting – like, a lot over the course of 10 or 15 minutes. Now, statistically, it shouldn’t hit any more often than any of the other numbers, at that roulette table or any other. But it seemed to be so consistent that I started playing (though I normally think it’s a stupid game), put a few decent-sized bets on 25 and came away up $700 after about half an hour, with most of those winnings coming from my bets on the number 25.
My suspicion is that there might be slight physical differences or abnormalities in the roulette wheel/table/mechanism, such that if it’s SLIGHTLY unevenly set up, even by a hundreth of a millimeter, or there’s a SLIGHT deformity or groove somewhere in . . . something in the mechanism . . . then you might get an oddity like that.
Just a hunch. But I digress . . .
[/quote]
I don’t know a lot about roulette, but I have heard that often when the situation you described does occur, imperfections in the wheel, etc. are the explanation. With that being said, statistically it can happen, but is not very likely, and over long time frames the odds will play out. Every once in a while, you’re in the right place at the right time and you can make some cash like you did.
On the topic of odds, since it’s a basic assumption that you’ll lose money over time buying lottery tickets:
Over the past 2 years, I’ve tracked exactly how much I’ve spent and won on lottery tickets, both Powerball and Scratch-Off, which I buy once or twice a week:
Spent: $866.00
Won: $1,122.00
My biggest win was $100 from Powerball, and $75 from a Scratch-Off. All other winnings were typically below $10, outside of a few $20 ones.
So, considering I got entertainment value from every ticket, plus the fact that I actually made a profit over a substantial sample time… I dunno, I guess I’m just lucky.
Just thought my defiance of the odds was interesting. Still waiting to hit the big one though…
[quote]Damici wrote:
My suspicion is that there might be slight physical differences or abnormalities in the roulette wheel/table/mechanism, such that if it’s SLIGHTLY unevenly set up, even by a hundreth of a millimeter, or there’s a SLIGHT deformity or groove somewhere in . . . something in the mechanism . . . then you might get an oddity like that.[/quote]
I suppose that’s possible. But it’s more likely that you simply witnessed (and profited) from statistical “bunching” – an expected phenomenon provided your data sample is large enough.
As the saying goes, the roulette ball has no memory.
A coworker won $133K, was one number off from winning 12million. Paid off his mortgage and put a backyard pool in. Another one’s father won 1.6million. She got to quit work and be a stay home Mom. I’ll throw a couple of bucks down hoping just one day. Considering I spend more everyday on coffee it’s worth a shot.
[quote]Bauer97 wrote:
On the topic of odds, since it’s a basic assumption that you’ll lose money over time buying lottery tickets:
Over the past 2 years, I’ve tracked exactly how much I’ve spent and won on lottery tickets, both Powerball and Scratch-Off, which I buy once or twice a week:
Spent: $866.00
Won: $1,122.00
My biggest win was $100 from Powerball, and $75 from a Scratch-Off. All other winnings were typically below $10, outside of a few $20 ones.
So, considering I got entertainment value from every ticket, plus the fact that I actually made a profit over a substantial sample time… I dunno, I guess I’m just lucky.
Just thought my defiance of the odds was interesting. Still waiting to hit the big one though…[/quote]
You should keep those tickets if you are keeping track because you can write off the losses on your taxes, thus your losses would only be $866 *(1-Your tax rate).
Edit: Assuming you itemize and that the winnings and losses all occurred in the same year.
Insurance is about risk not reward. Any particular risk represents a potential financial burden on you. Insurance is one way of mitigating that risk so that if it occurs your financial situation will not be drastically impacted upon. The need for insurance changes as your financial situation changes.
I currently carry a million dollars of term life insurance on myself (and 250K on my wife in term insurance). Term insurance builds no cash value and is only good for the specified length of time (term) that you purchase it for. When the term expires I will no longer have that insurance coverage. Term is most useful because it is the least expensive form of insurance you can buy.
My policy for a million dollars costs me $270 per year (being healthy and a non-smoker has benefits besides just looking good with your clothes off) for a 15 year term. That means over the course of the policy I will have paid $4050 for for a million dollar coverage in the event of my death.
I could discuss the “time value” of money and how it relates to the amortized payments I making spread out over 15 years, but suffice it to say that I am very comfortable spending 4k for the coverage and peace of mind I get from knowing that in addition to all of the other investments and assets I have if I die unexpectedly or get terminally ill my wife and children will gain some financial stability as a result.
There is no hypocrisy in this view because the payout I will receive in the event of my death is guaranteed. Compare that to investing in the lottery where any potential payout is not assured. People would be far better off saving the money they spend on the lottery. Putting that money in your mattress is a better deal than the lottery because you will always have your initial investment.
[quote]Khronos wrote:
There is no hypocrisy in this view because the payout I will receive in the event of my death is guaranteed. Compare that to investing in the lottery where any potential payout is not assured. [/quote]
Yeah, the payout you receive IN THE EVENT OF YOUR DEATH is guaranteed … the same way the payout the lottery player receives IN THE EVENT THAT THEY WIN is guaranteed.
The odds of you dying in the next 15 years are low enough that the insurance company can offer you a million in exchange for your $4K (this is ignoring the probability of you extending your life insurance at significantly higher rates and for a shorter term at the expiration of your 15 year term.) Yes, you say, but what IF i do die? The same way that all the lotto players say yeah, the odds are bad, but what IF my lucky numbers come up?
You’re operating on the same “what if” principle on which millions of lottery players operate. The difference is that your “what if” scenario is based on fear whereas their “what if” scenario is based on hope.