Therefore (1 / 44^6) = 0.000000000137. Subtract this from 1 to find the probability of losing, which equals 0.999999999863. Now all our numbers have been found, and it is just a matter of plugging numbers in to find the "expected winnings." .
($249,999,999 x 0.000000000137) - ($4 x 0.999999999863) = $-3.97.
0.0342499999 - 3.999999999.
This means that for every four dollar ticket that one purchases, he is expected to loose $3.97 cents. This is widely known as a "sucker's bet." .
Even those who do not appreciate such a decline, continue betting anyways, in hope that their "big break" will come and outweigh everything else. However concerning strategies, there is only one and that be, to not choose to play Mr. Lotto's numbers, since if you were to win, it is common that you would have to share the winnings. .
Winning Big - pg 59.
A woman is one o the very lucky few who to win Canada's 6/49, and received a sum of $1,199,168.68 CAD or $889,809.534 USD (XE.com 02/26/04). The money couldn't have come at a better time, for she was deeply in dept from her business, and thus was able to pay all of this off, as well as purchase a new home, as well as many other amenities that began to become part of her extravagant life style. She even loaned hundreds of thousands of dollars to family members. .
But her new life style did not stop, and she soon spent all that was available to her, and thus fell heavier in dept then before. She even launched a number of lawsuits on her family members, in home to gain back the money that she lent them. Today she struggles to survive her "shattered" life as she regularly attends visits to a debt counselor. .
But what if you actually managed to win this much money? The first disappointment is that you will not receive the full amount of what you won, for it is subject to taxes. These taxes are applied because the winner is most commonly now at the top if the income bracket, and thus is subject to higher taxes that match their winnings plus what they were originally making.