To play or not to play: Is that Powerball ticket worth it? -

To play or not to play: Is that Powerball ticket worth it? - expected value of lottery ticket Expected value is the probability multiplied by the value of each outcome For example, a 50% chance of winning $100 is worth $50 to you (if you don't mind the expected value of lottery ticket A risk-neutral person would pay the expected value of the lottery: $27 3 Richard is deciding whether to buy a state lottery ticket Each ticket costs $1, and

expected value of lottery ticket He knows that lotto games have an expected value of only 50-70¢ on the dollar, while while games like blackjack or craps return an impressive >99¢ He therefore

play 4 lottery Weighting that prize by its odds and adding it to the other prizes, that lottery ticket is now worth $ The value of the jackpot prize In order to find the expected value for the number frequency of a specific number for the last 1000 lotteries , I multiplied