$1B+ Powerball Jackpot - Did You Buy Your Ticket?

[funkj25]

It's the chance of a lifetime. The biggest Powerball jackpot ever. You may never have another chance to be truly wealthy.

I don't have the chance to post often and contribute so I wanted to leave this handy guide here for your reference.

 

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[Ross Morgan]

Lol well done.

 

[AllenCrawley]

It's positive EV so why not?

 

[funkj25]

It's positive EV so why not?

That's actually true. I used to buy them only when they were +EV. Too much poker theory for us apparently.

Edit (addition): Even though your return is more than 2.73 dollars for a dollar invested (great rate of return indeed) the downside is if you are still stuck in the event mindset. If you're past it, then honestly no harm no foul if it brings some entertainment to your day. If you're stuck in the event over process mindset, not worth the poison imo.

Second edit: I forgot powerball is now $2 a ticket (that's how long since I've bought one), making the EV much lower. Math conscious mind wouldn't let me go without correcting my mistake above.

 

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[wade1mil]

It's positive EV so why not?

Because it's popular to bash things like this on this forum for attention.
Buying lottery tickets isn't stupid. Relying on them is.

 

[Jake]

It's positive EV so why not?

I doubt it is if you break it down. Tax and the odds of winning the entire pot by yourself. If you go for the 30 year payout you have to account for inflation or default.

But close enough

 

[luniac]

The department i work in all threw in 2 dollars into the pot so I just HAD to throw in 2 dollars.

I'd be so pissed if after all the fastlane work ive been doing while the rest of them watch world star and netflix shows and movies, they end up winning the damn powerball and im the only one left in the department LOL!!! I think that would cross the line of me not giving a crap, i would be ENVIOUS...

 

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[Trivium iz rC]

Saw this thread just as soon as I got home. 5 mins ago I was filling my gas tank & went inside to grab a pack of gum. Guy in front of me bought $150 worth of powerball tickets.

It's sad to see that most people have lost hope & effort to win in life, it also bothers me to think that these people think that GOVERNMENT will help them. Yet Government takes advantage of these people and offers them these scams.

 

[Brett877]

I threw a few bucks in... hell ill skip coffee or energy drinks for a day and im back to even

 

[Brett877]

Saw this thread just as soon as I got home. 5 mins ago I was filling my gas tank & went inside to grab a pack of gum. Guy in front of me bought $150 worth of powerball tickets.

It's sad to see that most people have lost hope & effort to win in life, it also bothers me to think that these people think that GOVERNMENT will help them. Yet Government takes advantage of these people and offers them these scams.

RIGHT!!!! I have seen people who are making less that 20k a year spend 100 on scratchers and 100 on powerball and complain that they lost and their broke. Its a mentality defect that keeps people down ( by their own fault) .... same people that blame the rich for them being poor... Really dislike people like that

 

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[mws87]

There should be one for the winning ticket too. The number 15: The amount of years before you're bankrupt and totally out of your jackpot.

(65% of lottery winners are bankrupt within 15 years)

 

[DKNJ]

It's fun to play when the jackpot is that high. I threw in $10 for the hell of it. I remember in high school, Mcdonalds was having the monopoly peel off game for $1mm. My buddy and I gave the drive thru guy $30 for as many cups as he was willing to give us. He gave us about 6 sleeves of cups. We were peeling cups feeling like geniuses. I think we made a good amount back in breakfast sandwiches and other winning food items. Ahh good times. Lol

 

[Mr.Donnerhuhn]

It's fun to play when the jackpot is that high. I through in $10 for the hell of it. I remember in high school, Mcdonalds was having the monopoly peel off game for $1mm. My buddy and I gave the drive thru guy $30 for as many cups as he was willing to give us. He gave us about 6 sleeves of cups. We were peeling cups feeling like geniuses. I think we made a good amount back in breakfast sandwiches and other winning food items. Ahh good times. Lol

I remember when Taco Bell was giving away the original Xbox back when it was new and all the rage. I WON THAT F***ING CONTEST, but because I had entered the ticket two days before my 13th birthday (had to be 13 or older to win) my ticket was disqualified.

F*** Taco Bell and the Slowlane

 

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[Vigilante]

I remember when Taco Bell was giving away the original Xbox back when it was new and all the rage. I WON THAT F***ING CONTEST, but because I had entered the ticket two days before my 13th birthday (had to be 13 or older to win) my ticket was disqualified.

F*** Taco Bell and the Slowlane

It's ok man. It's gonna be ok.

Just put the gun down and slowly back away.

We'll get you the xBox. Everything is going to be ok.

Just take it easy.

 

[Duane]

My father is obsessing over the lotto right now. He buys them all the time and is confused as to why I'm not buying one.

I told him I wouldn't be as fulfilled making the 300 million or whatever you'd actually take home by winning the lottery than if I made that on my own.

My fortune is due to dumb luck, what a story to take to my grave, I really accomplished something in my life.

Then ofc you already know what his reply was, "but you can't say no to 800 million dollars".
Yeah, you have a 1 in 295,000,000 shot, good luck.

 

[Alan LT]

My father is obsessing over the lotto right now. He buys them all the time and is confused as to why I'm not buying one.

I told him I wouldn't be as fulfilled making the 300 million or whatever you'd actually take home by winning the lottery than if I made that on my own.

My fortune is due to dumb luck, what a story to take to my grave, I really accomplished something in my life.

Then ofc you already know what his reply was, "but you can't say no to 800 million dollars".
Yeah, you have a 1 in 295,000,000 shot, good luck.

I tried explaining that to people in my family too. They don't want to believe that the odds aren't in their favor. They just respond with "if you don't play, then how are you going to win."


Sent from my iPhone using Tapatalk

 

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[MitchC]

The department i work in all threw in 2 dollars into the pot so I just HAD to throw in 2 dollars.

I'd be so pissed if after all the fastlane work ive been doing while the rest of them watch world star and netflix shows and movies, they end up winning the damn powerball and im the only one left in the department LOL!!! I think that would cross the line of me not giving a crap, i would be ENVIOUS...

Just wait 5 years.

5 years of grinding in the fastlane there's no way you will be working there, ever again.

5 years and every single one of them will be bankrupt and back working there buying lotto every week.

 

[MJ DeMarco]

It's positive EV so why not?

Not necessarily...

http://www.businessinsider.com/powerball-lottery-expected-value-jan-9-draw-2016-1

 

[Bouncing Soul]

Don't miss this interview if you haven't seen it, cracks me up every time-

 

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[AllenCrawley]

Not necessarily...

http://www.businessinsider.com/powerball-lottery-expected-value-jan-9-draw-2016-1

Excellent breakdown. I did not realize tickets were $2 now. Been a looooong time since buying one, lol.

 

[funkj25]

Not necessarily...

http://www.businessinsider.com/powerball-lottery-expected-value-jan-9-draw-2016-1

I'm glad someone wanted to do the math for us. I just did the quick EV for the jackpot, not the rest because well, I'm too lazy to care?

I know I've been pissed on by a particular forum user before for being math oriented in my decisions, but if done correctly the math doesn't lie. No emotion or "gut instinct" involved (although I still find it useful from time to time).

Anyway, cool link MJ, thanks.

 

[DKNJ]

I remember when Taco Bell was giving away the original Xbox back when it was new and all the rage. I WON THAT F***ING CONTEST, but because I had entered the ticket two days before my 13th birthday (had to be 13 or older to win) my ticket was disqualified.

F*** Taco Bell and the Slowlane

Haha damn, they disqualified your ticket for 2 days. That's some bull.

 

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[MyronGainz]

https://twitter.com/gselevator/status/273146528082829312

 

[jon.a]

https://twitter.com/gselevator/status/273146528082829312

BINGO!

 

[Bouncing Soul]

https://twitter.com/gselevator/status/273146528082829312

My math chops are better than about 99% of the world's, I'm a long way from poor and I bought a ticket. We won't be broke within 5 years of a liquidity event either, lottery or otherwise.

The problem with the lottery (on the buyer side) IMO, is when people lose sight of the fact it's a game, or gambling...whichever you prefer.

For winners it's the set of habits that have led to whatever their financial situation is probably aren't ready for that level of financial problems.

 

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[RHL]

Like eating Pizza Hutt with respect to your health, the lotto is for all intents and purposes always -EV.

But like eating Pizza Hutt, some people are healthy enough to indulge without it mattering in any appreciable way, some aren't.

Like any gambling enterprise, the house always wins. Always.

Best of luck to all of you anyway.

 

[Vigilante]

A girl in front of me today at a convenience store ordered $70 worth of lottery tickets. She forgot she had purchased something else, so her total was just over $70. She had to return the other items because all she had was the $70. She literally spent the only $70 she had on lottery tickets. In a grocery store, I would have covered the balance for her. Not in a gas station when she spent all her money on the voluntary tax. And she is just one amongst the masses that did the same thing.

 

[theag]

A girl in front of me today at a convenience store ordered $70 worth of lottery tickets. She forgot she had purchased something else, so her total was just over $70. She had to return the other items because all she had was the $70. She literally spent the only $70 she had on lottery tickets. In a grocery store, I would have covered the balance for her. Not in a gas station when she spent all her money on the voluntary tax. And she is just one amongst the masses that did the same thing.

The world needs ditch diggers, too.

 

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[Andy Black]

A girl in front of me today at a convenience store ordered $70 worth of lottery tickets. She forgot she had purchased something else, so her total was just over $70. She had to return the other items because all she had was the $70. She literally spent the only $70 she had on lottery tickets. In a grocery store, I would have covered the balance for her. Not in a gas station when she spent all her money on the voluntary tax. And she is just one amongst the masses that did the same thing.

Whoa. I had no idea people would spend so much on lottery tickets...

 

[jon.a]

Whoa. I had no idea people would spend so much on lottery tickets...

Some spend $1000's.

(edit I forgot a 0)