homeWelcome, sign in or click here to subscribe.login
     


 

 

Weekend


Subscriber content preview

February 27, 2004

Strange But True!

  • A weekly column of incidental information, off-the-wall observations and other random facts about the world.
    • By BILL SONES and RICH SONES, Ph.D.
    Special to the Journal

    Q. It has been reported that the wealthy don't play state lotteries unless the jackpot grows enormous, at which point probability theory says the game may become a good bet. How good? What's the theory here?

    A. A fair bet is one where the "expected winnings" exceed the ticket price, says Williams College economist Victor Matheson. For example, a recent Powerball jackpot reached $260 million with odds of winning at roughly 1 in 120 million. So multiply the $260 million by 1/120 million and you get at least $2 expected winnings for the $1 ticket.


     
    . . .


    To read this story in full login or purchase a subscription.



    Previous columns:


    
    Email or user name:
    Password:
     
    Forgot password? Click here.