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Lotteries Probablity
 

Lotteries Probablity

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    Lotteries Probablity Lotteries Probablity Presentation Transcript

    • Lotteries: Is It Worth It?
      By De Nguyen
    • History of Lotteries
      First earliest lottery-like game was Keno. Created in China, 205 and 187 B.C.
      1434, first public lottery went on record, in the Dutch town of Sluis.
      1612, King James 1st approve the first English lottery, which lead to lotteries in the colonies.
      Princeton, Colombia University, and University of Pennsylvania began by being financed by lotteries.
      Lotteries also help support and fund war efforts in early American wars.
    • Major Lottery Games
      3 digit lottery: Pick 3, Daily 3, Play 3, and Cash 3.
      4 digit lottery: Pick 4, Daily 4, Big 4, and Cash 4.
      5 digit lottery: Cash 5, Fantasy 5 and Quinto.
      6 digit lottery: Powerball, Mega Millions and Match 6.
    • How to Play.
      A simple set of rules.
      Must be purchased before date of drawing. Each game has on draw dates.
      A set of numbers that you can pick from. Usually the game name tells you how much number you can pick.
      Wait until the drawing date and pray you win.
    • The Truth Behind Lotteries.
      It is government-run, therefore it was created to benefit the government and rules are subject to change.
      The chance of winning or hitting the jackpot is 1 out of 175,711,536 according to Mega officials.
      Chances of winning also increases.
      It is like a drug. More and more is needed to satisfy the high.
      Tax is also taking out of the Jackpot.
      The payoff figures are inflated.
    • Probabilities and Math
      Would you spend $50 in one week, or $1 in fifty weeks?
      The Math:
      1) Expected return formula. Is it worth it?
      EXPECTED RETURN = POTENTIAL WINNING * PROBABILITY OF WINNING - POTENTIAL COST * PROBABILITY OF LOSING.
      2) The probability formula.
      n! / (k! x (n – k)!)
      SuperEnalotto is the hardest Italian lottery to win. Jackpot is 1 out of 622,614,630.
    • Why Do People Still Play It?
      To fulfill dreams and fantasies.
      Quick, effortless way to get rich.
      Escape from inequality.
      It is an addiction.
      Easy to play.
      Psychological effects.
    • Conclusion
      Lotteries have a psychological impact on human mind.
      People dream big, but refuse to put in the effort to get there.
      How hope can play such a major role in lottery buyers.