Why don't 175,000,000 people (around half the us population) start a lotto pool, where each of them plays a unique combination of numbers, then split the winnings? Each person would get 7.42 million this way.
>>1037016
Greed.
>>1037016
You guys have a 1,298.5 trillion dollar lotto pool?
Because you will get executed by the government or sent to prison.
>>1037016
I think each person would get about eight dollars. Also coordinating this would require resources and therefore cost. Finally the government doesn't like it when people win so there are laws f-for your protection. Derp.
>>1037065
$1,300M/ 175M people
OP posting in /biz/, can't even math. kek
Math is hard, eh OP?
Lets drop a few zeroes and make the division easier for you to understand: 1,300M / 175M = 7.43. Not 7.43M, 7.43.
Each person gets about enough money for a Big Mac meal.
>>1037155
The units are millions. Its like saying 1300 inches/ 175 inches. It doesn't cancel, the answer is in inches. Learn math, idiot.
>>1037136
So each person get's $7.50... wowza...
>>1037164
Millions aren't the units you mong.
>>1037168
What do you think the M stands for then?
>>1037175
six zeroes.
>>1037176
Let me explain it this way: let's say the winner gets $1300 one dollar bills. 175 people split the pot, they each get $7.42. But in actuality, scaled up to millions, the winner gets effectively 1300 one-million dollar bills, so each person gets 7.42 million
>>1037185
Your trolling attempt is completely boring at this point mate, sorry. You'll notice you didn't increase the amount of people splitting the money in your second example from 175 to 175,000,000.
>>1037136
The M's cancel each other out and you're left with $1300/175=$7.42
Check my math...What about a pool of 10,000?
>>1037016
>coordinating that many people who are stupid enough to play the lotto in the first place
And the ringleader can't even do basic division. Top kek
>>1037376
Do it through a website. They pay $2, a computer program generates a not yet generated selection of numbers for their name.
>>1037272
Even if you buy 1 million tickets. The odds are shit.
>>1037065
Lol'd at this, ty
>>1037166
lol, that's not even the cash received. the one time cash payment is probably around ~400 million for 1.3 billion. Of that 400 million, you are left with 200 million in cash after taxes.
>>1037016
According to game theory
Assuming everyone is risk neutral and has the same taxes (huge assumption, not sure if taxes is necessary assumption),
In the Nash Equilibrium for the lottery, the exact number of people will enter the lottery such that the expected payoff is the same as the cost of a ticket, hence everyone should be indifferent to joining the lottery and not joining the lottery.
In reality of course, way more people will join the lottery than is required to balance the expected returns with the cost and thus it is not worth it for a risk neutral person to invest in the lottery.
The reason for this is because it is profitable (with an expected return of around $2.25 per ticket) assuming there are no ties to split the jackpot. This is multiplied with a factor K (dependent on number of tickets bought, for the probability that two people DON'T tie) and hence if everyone is rational, the exact number of tickets will be bought such that K*$2.25 = $2.00 + tax.
Hence if you work purely off of game theory, one should be indifferent to buying a ticket and not buying a ticket.
