Lottery and lotto odds, what is your chance of winning a jackpot?

It is about time that someone is openly honest about your chances of winning the lottery.  Before I begin, the first thing I want to say is that irregardless of your chances, you should buy a lottery ticket. It doesn’t mean your chances of winning are good, infact it is the complete opposite. You have a greater chance of getting hit by a firetruck on its way to a fire call than you do winning the lottery.

However, if it only costs you $2 to play a lottery ticket, for a chance at 10 million dollars, then go ahead, and feel good about it.

If you win, it’s going to be life changing. If you don’t win, then what is happening is mathematical probability is rearing it’s ugly head and making itself known to you.

For most of the lotto tickets out there, irregardless of how many numbers you are suppose to pick, to win $10 million dollars, are all based on the same concept. Let me explain it to you in layman’s terms. If you had a sack full of 25 pound of rice, and pulled out a single rice kernel and colored it black, with a felt marker… that could be akin to the winning number. Now take that same black rice kernel and bury it back down the center of the sack of rice. Now you are set for a lottery draw!

That’s right – 25 pounds of rice, a single kernel colored black is the odds we all play with when we spend $2 to win $10 million.

Now invite your friends, neighbours, family, and anyone walking buy to dig deep in that 25 pound rice sack and see if they can pull out that black colored rice kernel. Bet you that no one can do it. Why? Simply the odds are against them.

Now, take 24 million people all reaching in, pulling out a single piece of rice to see if they get the black one.

Imagine what 24 million people outside your front door of your house would look like..

Anyway, as the story goes, one of these 24 million people manages to pull out the single black colored piece of rice out of your 25 pound sack. They are the winner!  Hard to believe, but it happened.

The moral of the story is simply this:

a) Definitely do play the lottery or lotto. A single $2 or $5 ticket in exchange for a $10 million dollar winner is completely worth it.

b) Definately do NOT expect to win. The odds are against you. Have a greater chance of being run over by a fire truck on its way to a house engulfed in flames.

c) Instead of buying 1 ticket (which seems reasonable) and instead buying 10 tickets is stupid. You’re much better off buying 1 ticket instead of 10 – to put that into perspective, let me explain further..

Let’s say on a certain lottery or lotto your odds of winning is 1 in 394,000 to get a decent, significant price.

You buy 1 ticket for $5. That is easily calculated to mean that your odds of winning is 1 in 394,000

Now let’s say you REALLY want to win, and instead of buying 1 ticket for $5, you buy 10 tickets for $50, let’s re-check the odds:

1 ticket has a chance of 1 in 394,00 of winning.

50 tickets have a chance of 1 in 344,000 of winning.

The difference here isn’t very tantalizing.  In one case, you spent $5 with a 1 ticket chance at 394,000 combinations to win $10 million. That seems like a realistic gamble that almost anyone would try.

Now for the aggressive person.. you spent $50, and now you have 10 ticket chances against 344,000 combinations to win $10 million.  That ticket purchase means you are going against 1 tin 344,000 chance you will NOT WIN. How smart was that? The guy that spent $2 for a win is a better bargain than the guy that spends $50 for similar odds.

PLAY THE LOTTERY. SPEND LOW. DON’T GO NUTS. DEFINATELY DO NOT SPEND MORE THAN $10

If the odds are huge, unless you are going to buy “tens of thousands” of tickets, do not waste your time and money trying to lower the lottery / lotto odds. The game will beat you every single time.

So now that you are near the end of this article, remember:

a) 25 lb sack of rice, how many individual kernels are inside

b) 1 kernel is purposely colored black is the golden jackpot

c) 24 million people outside your front door, just dying to shove their fingers into your 25 lb sack of rice in hopes they pull out the black colored kernel

Now you have a full picture of what lotteries and the lotto draws are actually like..

Sure, of course, 1 in a few million people may win, but believe how rare the odds are.. If you are going to buy a draw or lotto / lottery ticket, spend the minimum amount.  Going broke over the ordeal simply is not worth it.

I hope I’ve explained things, if not, please ask questions below….

 

 

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