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How many Mega Millions tickets have you bought so far?
10-19-2018, 04:05 PM
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#31
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Think this was only the second time I’ve played the lottery. Bought five for fun, probably be years before I buy again, rather buy stocks.
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10-19-2018, 04:07 PM
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#32
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Originally Posted By MiscInformed⏩
Math wise, your logic doesn't check out. The only time it makes logical sense to purchase a ticket is if the expected value of the ticket exceeds the ticket's price.When the jackpot is $1B, it's stupid not to buy a ticket or two.
The possible reward so far outweighs the cost it's a no-brainer.
If you're spending $20 a week on lottery tickets, that's stupid. But, if you spend $20 a year and only play the jackpots over $500M, that $20 has ZERO impact on your finances, but the tiny possibility of a $500M+ windfall more than makes up for the ticket costs.
The possible reward so far outweighs the cost it's a no-brainer.
If you're spending $20 a week on lottery tickets, that's stupid. But, if you spend $20 a year and only play the jackpots over $500M, that $20 has ZERO impact on your finances, but the tiny possibility of a $500M+ windfall more than makes up for the ticket costs.
10-19-2018, 04:09 PM
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#33
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Originally Posted By ComaVision⏩
That’s called the gamblers fallacy btwThat's very literally not true. 200 tickets is 200x the chance to win over 1 ticket. The odds may not besignificantlydifferent but it's potato to claim that they're the same.
OVO
10-19-2018, 04:10 PM
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#34
10-19-2018, 04:10 PM
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#35
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Originally Posted By ComaVision⏩
The odds are significantly better 200 tickets vs. 1. With 200 tickets, your jackpot odds are 1 in 1.5 million. With 1 ticket, your jackpot odds are 1 in 302 million.That's very literally not true. 200 tickets is 200x the chance to win over 1 ticket. The odds may not besignificantlydifferent but it's potato to claim that they're the same.
It doesn't make much sense to buy more tickets once your odds have come down significantly. 100 tickets already gets you in that territory. Continuing to buy after than only increases your odds incrementally and that increment gets smaller and smaller for each ticket you buy.
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10-19-2018, 04:10 PM
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#36
10-19-2018, 04:14 PM
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#37
10-19-2018, 04:14 PM
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#38
10-19-2018, 04:15 PM
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#39
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Originally Posted By Bullneckbruh⏩
No, no it isn't. That's entirely different.That’s called the gamblers fallacy btw
Originally Posted By MiscInformed⏩
Yeah, agreed. I just meant that 1 ticket or 200 tickets is still a completely negligible chance of actually winning.The odds are significantly better 200 tickets vs. 1. With 200 tickets, your jackpot odds are 1 in 1.5 million. With 1 ticket, your jackpot odds are 1 in 302 million.
It doesn't make much sense to buy more tickets once your odds have come down significantly. 100 tickets already gets you in that territory. Continuing to buy after than only increases your odds incrementally and that increment gets smaller and smaller for each ticket you buy.
It doesn't make much sense to buy more tickets once your odds have come down significantly. 100 tickets already gets you in that territory. Continuing to buy after than only increases your odds incrementally and that increment gets smaller and smaller for each ticket you buy.
10-19-2018, 04:17 PM
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#40
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Originally Posted By ComaVision⏩
I didn't make a mathematical argument.Math wise, your logic doesn't check out. The only time it makes logical sense to purchase a ticket is if the expected value of the ticket exceeds the ticket's price.
My argument is that there's a difference between spending money every week on significantly smaller jackpots, than spending money once in a long while on huge jackpots. $2 a ticket for the chance of winning $1B is a no-brainer. That $2 doesn't even get you a gallon of gas, whereas if lightning strikes and you win, $1B changes your life. If you lose, the $2 won't be missed. If you buy 10 of them, the $20 won't be missed either.
However, if you're spending $20 a week, that's a $1000 per year. Sure, you may win $4 or $10 every once in a while, but you've basically wasted nearly a month's rent. That's for much smaller jackpots with the same odds. The only problem is the money you spent on tickets will be missed. If you're going to do that, you're better off spending the $1000 all at one time on a single jackpot.
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10-19-2018, 04:20 PM
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#41
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Originally Posted By wasp9166⏩
Some reporter who spoke with several lotto winners recommended to delete social media if you win.man , could you imagine ? your life could be one hell of a problem winning all that, double edged sword
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10-19-2018, 04:21 PM
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#42
10-19-2018, 04:22 PM
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#43
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Originally Posted By Jaydawg08⏩
None. Believe it or not, I don't know anywhere around here that sells tickets. I haven't seen a single 7-11 since I moved here. I don't know where else I'd get one.I bought 2 cause why not.
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10-19-2018, 04:23 PM
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#44
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Originally Posted By MiscInformed⏩
There isn't really any difference, bro. Your expected loss either way is approximately $2 a ticket.I didn't make a mathematical argument.
My argument is that there's a difference between spending money every week on significantly smaller jackpots, than spending money once in a long while on huge jackpots. $2 a ticket for the chance of winning $1B is a no-brainer. That $2 doesn't even get you a gallon of gas, whereas if lightning strikes and you win, $1B changes your life. If you lose, the $2 won't be missed. If you buy 10 of them, the $20 won't be missed either.
However, if you're spending $20 a week, that's a $1000 per year. Sure, you may win $4 or $10 every once in a while, but you've basically wasted nearly a month's rent. That's for much smaller jackpots with the same odds. The only problem is the money you spent on tickets will be missed. If you're going to do that, you're better off spending the $1000 all at one time on a single jackpot.
My argument is that there's a difference between spending money every week on significantly smaller jackpots, than spending money once in a long while on huge jackpots. $2 a ticket for the chance of winning $1B is a no-brainer. That $2 doesn't even get you a gallon of gas, whereas if lightning strikes and you win, $1B changes your life. If you lose, the $2 won't be missed. If you buy 10 of them, the $20 won't be missed either.
However, if you're spending $20 a week, that's a $1000 per year. Sure, you may win $4 or $10 every once in a while, but you've basically wasted nearly a month's rent. That's for much smaller jackpots with the same odds. The only problem is the money you spent on tickets will be missed. If you're going to do that, you're better off spending the $1000 all at one time on a single jackpot.
10-19-2018, 04:23 PM
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#45
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spent 6 bucks so far lol
imagine not being able to spend 2 dollars on when it's at 1 bill
imagine not being able to spend 2 dollars on when it's at 1 bill
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10-19-2018, 04:24 PM
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#46
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Originally Posted By CaliSuperSport⏩
don't need to have a billion dollars to not have social media , i'm broke don't post sh!tSome reporter who spoke with several lotto winners recommended to delete social media if you win.
10-19-2018, 04:24 PM
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#47
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Damn it son thought mega millions was only a Texas thing (never play lotto).. you mean I gotta compete with the rest of the country? Should’ve just bought more beer.
10-19-2018, 04:27 PM
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#48
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Originally Posted By CaliSuperSport⏩
But the whole point of social media is flexing hard on poverty folkSome reporter who spoke with several lotto winners recommended to delete social media if you win.
10-19-2018, 04:27 PM
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#49
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Originally Posted By fishnbrah⏩
Correct. Realized that as soon as I posted lmaoi thought the gamblers fallacy was doubling your bet every time you lose
I’m trying to think back to psychology. My professor hated gambling and he talked about the odds of people buying multiple tickets and it’s called something but I can’t remember.
Essentially it does raise your odds but it’s so incrediblely low it’s insignificant.
OVO
10-19-2018, 04:28 PM
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#50
10-19-2018, 04:35 PM
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#51
10-19-2018, 04:38 PM
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#52
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Originally Posted By wasp9166⏩
Yeah but just to avoid beggars, and make it a little harder for scumbags who might want to target you.don't need to have a billion dollars to not have social media , i'm broke don't post sh!t
Originally Posted By SpeedMan1⏩
I'd definitely hop back on, right after I buy my house/cars and armed security force.But the whole point of social media is flexing hard on poverty folk
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10-19-2018, 04:40 PM
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#53
So many *******s getting emotional on this thread. It's a lottery ticket. Jeezus
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10-19-2018, 04:49 PM
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#54
10-19-2018, 04:53 PM
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#55
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Originally Posted By MiscInformed⏩
> tiny possibility of a $500M+ windfall more than makes up for the ticket costsWhen the jackpot is $1B, it's stupid not to buy a ticket or two.
The possible reward so far outweighs the cost it's a no-brainer.
If you're spending $20 a week on lottery tickets, that's stupid. But, if you spend $20 a year and only play the jackpots over $500M, that $20 has ZERO impact on your finances, but the tiny possibility of a $500M+ windfall more than makes up for the ticket costs.
The possible reward so far outweighs the cost it's a no-brainer.
If you're spending $20 a week on lottery tickets, that's stupid. But, if you spend $20 a year and only play the jackpots over $500M, that $20 has ZERO impact on your finances, but the tiny possibility of a $500M+ windfall more than makes up for the ticket costs.
> Payout * win probability < ticket price
choose one
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10-19-2018, 04:57 PM
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#56
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I didn’t buy one but I find it funny how people think the lottery is stupid.
I mean yea your chances are extremely low and it probably will be a waste of money. But someone will win. And whoever it was probably got told how stupid it is and what a waste of money it is. And now they can do almost whatever they want and never have to work again.
Plus it usually goes to a good cause such as financial aid for college.
Imagine what it feels like to be some random guy who buys a ticket and actually wins.
I mean yea your chances are extremely low and it probably will be a waste of money. But someone will win. And whoever it was probably got told how stupid it is and what a waste of money it is. And now they can do almost whatever they want and never have to work again.
Plus it usually goes to a good cause such as financial aid for college.
Imagine what it feels like to be some random guy who buys a ticket and actually wins.
10-19-2018, 04:57 PM
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#57
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Originally Posted By fishnbrah⏩
close but there's a slight difference.i thought the gamblers fallacy was doubling your bet every time you lose
The gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the mistaken belief that, if something happens more frequently than normal during a given period, it will happen less frequently in the future
*I posted in the Trey Songz thread Crew*
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10-19-2018, 04:59 PM
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#58
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Originally Posted By Exiled93⏩
Ruins their relationships with family and friends and then they go bankrupt after a few years, usually lolImagine what it feels like to be some random guy who buys a ticket and actually wins.
(I do get what you're saying though, and certainly people are free to spend their money however they please.)
10-19-2018, 05:03 PM
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#59
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None so far but will probably throw down about $10 later.
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