Saturday, January 8, 2011

Winning The Lotto With Statistics

Statistics show us many things that can be both useful and unusable for many reasons.There are many good examples of interesting facts and stats that are not very relevant to our everyday lives. Did you know, for example, that in 1985 the official NASA statistical probability for an accident to occur to a space shuttle was 100,000 to 1. After the Challenger disaster it is now 100 to 1!

The odds of winning the lottery are roughly 14 million to 1. So what do you think the odds of winning it twice are? Well a Navy war veteran who survived a jet crash and escaped a P.O.W. camp in Korea got really lucky when he won it twice! What do you think the odds of that happening are?

The New York Times told of a man in New York City, who was earning a regular wage as a superintendent, poured most of his money into the lottery.Ray Otero foolishly believes that buy ploughing his money into lottery tickets he is increasing his chances of winning a jackpot prize with each purchase (by sheer number of tickets).

Of course what Mr. Otero fails to realise is that statistically you have no better chance of winning the jackpot with 500 tickets than you do with 1 when the numbers on the tickets are chosen randomly!

It surprises many people to find out that lottery prizes are extremely hard to get. In fact if you buy a UK lottery ticket, which is a match 6 from 49 draw, at the beginning of the week there is a better chance of you dying before the draw than there is of you winning it!

Statistically you have a 14 million to 1 chance of winning the lottery when you buy a lottery ticket.No matter how many tickets you buy each one will have the same low odds. So just because you have 100 tickets it doesn't mean you have a better chance of winning!

Take heart though because you can do certain things that dramatically increase the odds of you winning a huge lottery prize and they don't require you to spend a fortune doing it! Lottery wheeling, for example, is a great way to increase your chances of winning a top prize on the lottery.

When you wheel and extra number in your pick of 6, so that you pick 7 numbers instead and then "wheel" so that all numbers end up on a ticket together two things happen. You have to buy more tickets therefore your lottery stake money goes up. But, an interesting thing happens - your odds of winning go up in leaps and bounds.

When you wheel 7 numbers instead of 6 you go from a 14 million to 1 chance of winning the lottery to half a million to 1 - just by adding an extra number and the price of the tickets only adds up to £28!

So, if Mr. Otero had only played a 6 from 49, or similar type of lottery, and wheeled his numbers he may well be a very wealthy man by now.

1 comment:

  1. Hello
    A lottery is a form of gambling which involves the drawing of lots for a prize.Lottery is outlawed by some governments, while others endorse it to the extent of organizing a national or state lottery. It is common to find some degree of regulation of lottery by governments. At the beginning of the 20th century, most forms of gambling, including lotteries and sweepstakes, were illegal in many countries, including the U.S.A. and most of Europe. This remained so until after World War II. In the 1960s casinos and lotteries began to appear throughout the world as a means to raise revenue in addition to taxes.



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