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re: Cashier at store told me one guy has spent $4000 on Powerball
Posted on 1/13/16 at 8:29 am to slackster
Posted on 1/13/16 at 8:29 am to slackster
Where you ran into trouble was back on the first page when using the odds terminology of "1 in" to describe the effect on probability of buying $4000 worth of tickets.
From the article I linked:
Thus the reason for all the down votes and the claim from someone that you don't understand how odds works.
quote:
Yours odds improve from 1 in 292,000,000 to 1 in 146,000.
From the article I linked:
quote:
In everyday conversation when numbers or values aren’t given, the two terms are synonymous . If an event has a high probability, then it has high odds for happening. The incorrect usage arises when a person ascribes a mathematical value to either the odds or probability they are discussing
Thus the reason for all the down votes and the claim from someone that you don't understand how odds works.
Posted on 1/13/16 at 9:02 am to Vandyrone
Fair enough. How is this:
Buying 2000 tickets improves your probability. Your odds become 1:145,999. They began at 1:292,201,337.
Disclaimer: The Powerball website says your 'odds' of winning are 1 in 292,201,338, but mathematically they're giving you the probability, not the odds.
Buying 2000 tickets improves your probability. Your odds become 1:145,999. They began at 1:292,201,337.
Disclaimer: The Powerball website says your 'odds' of winning are 1 in 292,201,338, but mathematically they're giving you the probability, not the odds.
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