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The Chip Board Archive 05

Re: lottery odds
In Response To: lottery odds ()

5 chances in 41 million is the same as 1 chance in 8 million (approx) Bob.

You do increase your chances of winning by buying more tickets. What doesen't change is the expected value (EV) of your investment. EV is probability of winning times the prize to be won. You invest more to win the same prize, so the EV doesn't change, even though your odds of getting the prize does improve.

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