Everybody wants to strike the lottery; especially so when the stakes are high during the Chinese New Year period.
I mean, who can resist trying their luck at hitting the jackpot of $10m am I right?
What are the chances of winning? Some people say 50%. Either you win, or you don’t. However, if you’re familiar with the Math, you know that it is not a good idea to even spend a single dollar on buying a Quick Pick Ticket.
In the local Lottery, you have to pick 6 out of 49 numbers that you think will drop out of the machine. Assuming that all the balls have an equal distribution of weight, shape and size, they will have an equal chance to fall out of the machine.
The math is simple, you pick one out of 49, then one out of 48 and so on and so forth.
The formula: 1/49 x 1/48 x 1/47 x 1/46 x 1/45 x 1/44
Once you’re done with the calculations, you realize that you only have 0.00000001% of hitting the jackpot. That’s even lower than getting hit by lightning TWICE in your lifetime at 0.0000111111111111111%
So here’s a question. How much does the Jackpot prize have to be in order for it to actually be worth your while?
Assuming you buy only 1 Quick Pick ticket at $1. The Jackpot will have to be a whopping over $10billion. If you buy a System 7, the prize required will have to be multiplied by 7. That’s $70.5billion!
Of course, all the math done here hasn’t taken into account the possibility of winning the smaller prizes. However, the prizes are so insignificant that it does not even factor into the calculations.
So the next time you’re tempted to buy a ticket, perhaps you’d be happier buying an ice cream cone instead.
But for you hardcore risk-takers out there, at least 0.00000001% isn’t 0% am I right? Besides, it sucks whenever you see someone else taking all that money home.
As for those who don’t like taking risks, your best bet is to find a job at Singapore Pools.