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December 28, 2021

Lottery probabilities

Mathematics and Statistics, Undergraduate

Google your state’s Powerball or megamillions and calculate the probability of winning the jackpot. Most sites report odds instead of probability, so you’ll need to do a simple conversion.

Share a link that takes us to the odds information on your state’s Powerball or megamillions.
In your original post, answer the following:

Create a probability table for this distribution
What is your expected gain or loss from playing?
If you played 100 times how much would you expect to win or lose?
After looking at this information and doing a few calculations, would you play? Why or why not?
Is it binomial? I’ll leave this for you to investigate and explain.

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