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Who is the luckiest guy on the ranch?

 
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Hi,

Who is the luckiest guy on the Ranch?

I have been trying the state lottery for 8 years now but the highest that I have won so far is 50$.
(P.S I converted that to dollar..so do your math.. )

I am getting .. when will I win the jackpot?

I am curious if somebody has far greater win than what I have?

On the other hand.. I joined the ranch on 2007 and I managed to win Free Book thrice? I am that lucky here I think...
I bet somebody has won several times.

To Sum Up:
State Lottery = 50$
Javaranch Book Promo = 3

Whats your's buddy?
 
Marshal
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Lottery, a tax on people who are bad at math.
 
Mark Reyes
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Lottery, a tax on people who are bad at math.




lol...

Common Bear... it doesnt hurt to dream big sometimes...
 
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It has to do with probabilities. The probability that you will win a state lottery is 1 : (several hundred thousands). The probability that you will win a book at JR is 1 : (several hundreds). You are more probable to win a book than win a lottery.

If you want better odds, you can always rob a bank. You will get a lot of money, but there is the reduced probability of you making it out alive ;)
 
Mark Reyes
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If you want better odds



Speaking of Odds.. it seems that the odds is never in my favor for some time?
 
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Last year I won twice: € 260 and € 100. A ticket for the lottery costs € 15, so that's enough to play for free for 2 years. This month I won € 7,50, only half of what a ticket costs.

My parents have been playing in the same lottery for 40 years or so but never won as much as I did last year...
 
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Mark Reyes wrote:I have been trying the state lottery for 8 years now but the highest that I have won so far is 50$.
(P.S I converted that to dollar..so do your math.. )


To do the math we need to know what sort of dollars you converted to - Australian, Canadian, Carribean. There are probably other countries that use dollars as well.
 
Mark Reyes
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To do the math we need to know what sort of dollars you converted to - Australian, Canadian, Carribean. There are probably other countries that use dollars as well.




...ooops my bad.. its American Dollar...

My parents have been playing in the same lottery for 40 years or so but never won as much as I did last year...



I hope I wont wait this long....
 
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Bear Bibeault wrote:Lottery, a tax on people who are bad at math.


See...I disagree with this. I play the lottery, but only when the expected value is over the price of the ticket. I think I understand math very well.
 
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fred rosenberger wrote:

Bear Bibeault wrote:Lottery, a tax on people who are bad at math.


See...I disagree with this. I play the lottery, but only when the expected value is over the price of the ticket. I think I understand math very well.


What do you mean by "expected value"?
 
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Dennis Deems wrote:
What do you mean by "expected value"?



Basically it's the probability of winning times the size of the jackpot, less the cost of the ticket. If your chances of winning are one in a million, but the jackpot is three million, then the expectation value is ($3,000,000/1,000,000) - $1 = $2. That's a worthwhile bet. It also doesn't happen much.
 
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Try Pitcairn Island lottery. Your odds are 1/50
 
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  • I've won the book promotion twice in my decade here.
  • I think I won two dollars in the California lottery when it was new (30 years ago). I haven't really played since then.
  • My mom won a car CD player as a door prize once, and gave it to me. (That counts right?)
  • I know how to spell possessive pronouns like yours, hers, its, ...
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    Rancher
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    Ernest Friedman-Hill wrote:

    Dennis Deems wrote:
    What do you mean by "expected value"?



    Basically it's the probability of winning times the size of the jackpot, less the cost of the ticket. If your chances of winning are one in a million, but the jackpot is three million, then the expectation value is ($3,000,000/1,000,000) - $1 = $2. That's a worthwhile bet. It also doesn't happen much.


    The calculation also needs to consider (a) the effect of income tax on that payoff, and (b) the possibility that the payoff will be split among N other people who also picked the same numbers (or whatever the lottery mechanism is). The chances of this are somewhat low normally, but it's more likely to happen when there's a really high payoff, which draws many more players than you'd normally see. So even when the expected payoff supposedly justifies the ticket cost, it probably doesn't.
     
    Ernest Friedman-Hill
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    Who is the luckiest person on the Ranch? Well, I married my wife.
     
    Mark Reyes
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    Who is the luckiest person on the Ranch? Well, I married my wife.



     
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