Re: Are lotteries worth it?

Dan Galvin (galvind@SNYCORVA.CORTLAND.EDU)
Tue, 21 Jan 1997 15:33:45 -0400

It IS (sort of) sound mathematically to play the lottery when the jackpot
is significantly large. For example, in New York, the odds of winning on
a single ticket are roughly 13 million to 1. As long as one only plays
when the jackpots are larger than this, then in the VERY long
run the player will come out ahead(assuming no multiple winners to share
with).

Of course, the larger the jackpot, the more players, and the greater
probability of multiple winners.

This makes for an interesting (and challenging) project for students. If
they do a little research to find out how ticket sales increase with
jackpot size, is there a jackpot level where it a mathematician can play
the Lotto and still look herself in the mirror?

On Fri, 17 Jan 1997, Geoffrey Akst wrote:

> Just because you pay for a lottery ticket doesn't mean that you're either
> stupid or bad at math. If what you want is to become a millionaire, you'll
> probably have a greater chance to achieve that goal playing in a lottery
> than not.
>
> Geoff Akst
> Manhattan CC
>
> At 2:28 PM -0500 1/17/97, Bret Taylor wrote:
> >At 12:12 PM 1/17/97 EST, you wrote:
> >>It's Friday so this seems an appropriate time to share this definition :-)
> >>
> >>Lottery: A tax on people who are bad at math.
> >>
> >>Roberta
> >>----------------------------------------------------------------------------
> >>-------------------------------------------
> >> Roberta S. Lacefield (912) 285-6027 Fax: (12) 287-4909
> >> Waycross College email: RSL094@fox.way.peachnet.edu
> >> 2001 S. Georgia Pkwy
> >> Waycross, GA 31503
> >> http://members.tripod.com/~Roberta/index.html
> >>----------------------------------------------------------------------------
> >>-------------------------------------------
> >>Note: The opinions expressed here are constantly mutating and may already
> >>have changed
> >> by the time you read this.
> >>
> >I have heard this definition -
> >
> >Lottery: A voluntary tax on the stupid.
> >
> >
> >
> >Bret Taylor Lake-Sumter Community College Leesburg FL
> >
> >"It matters not the subject taught, nor all the books on all the shelves.
> >What matters more, yes most of all, is what the teachers are themselves."
> > John Wooden
> >
> >John 3: 33 + 3
>
>
> Geoffrey Akst
> Manhattan CC/Mathematics
> akst@chelsea.ios.com
> )))))
> (O O)
> --------------------oOO----(_)----OOo--------------------------------
>

Dan Galvin
EOP Counselor
SUNY Cortland
Cortland, NY 13405
(315) 753-2997
galvind@snycorva.cortland.edu