ken thompson
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powerball has increased the odds to about 292 million to one. the cost of a ticket is 2 dollars. at what payout would the jackpot have to be in order to consider this a fair bet????
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power ball: required payout to make game "fair"
- Thread starter ken thompson
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powerball has increased the odds to about 292 million to one. the cost of a ticket is 2 dollars. at what payout would the jackpot have to be in order to consider this a fair bet????
What are your thoughts?
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powerball has increased the odds to about 292 million to one. the cost of a ticket is 2 dollars. at what payout would the jackpot have to be in order to consider this a fair bet????
Hi ken,
The answer you get depends on how you define fair. Remember, in reality there is a cost to holding the lottery and, in most cases, there is a 'reason to hold the lottery'. I remember back in ?? [maybe in the neighborhood of 50 years ago] when California started their lottery [it wasn't the powerball], the purpose was given as being for schools. The income from the lottery was supossed to be split three ways: roughly 27% for operating cost, 33% for prizes, and 40% for schools. Actually the upshot of the whole thing was that the schools got almost nothing [roughly speaking, their budget was bottom lined so that the 'extra' money from the lottery was essentially removed from their regular budget].