Mega Millions - you in?

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bdog
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Mega Millions - you in?

Postby bdog » Fri Mar 30, 2012 10:40 am

Do you have any idea what you would do with it if you won?

Here's some advice:

What to do if you win

I don't agree with the advice to take yearly payments. As I understand it if you die the payments are non-transferable.

If I won I would keep enough to quit my job and give the rest away as fast as possible.

green union terrace chair
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Re: Mega Millions - you in?

Postby green union terrace chair » Fri Mar 30, 2012 10:55 am

IT'S ALMOST WORTH IT NOW, RIGHT??






Yeah, I'll probably buy one.

Petro
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Re: Mega Millions - you in?

Postby Petro » Fri Mar 30, 2012 11:14 am

This is the only time that gambling interests me.

The initial wave of excitement followed almost immediately by a larger wave of disappointment is easily worth the cost of admission.

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Re: Mega Millions - you in?

Postby Ducatista » Fri Mar 30, 2012 11:27 am

I've always found the big-jackpot buying frenzy funny. A millionfold return on your investment isn't enough to justify the cost of a ticket, but five millionfold is?

Or maybe it's just all the publicity. I never even think about the lottery until I hear about one of these big jackpots.

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Re: Mega Millions - you in?

Postby ArturoBandini » Fri Mar 30, 2012 11:41 am

Ducatista wrote:I've always found the big-jackpot buying frenzy funny. A millionfold return on your investment isn't enough to justify the cost of a ticket, but five millionfold is?
It's my understanding that for this particular drawing the nominal odds of winning are large enough that the expected return on investment is positive. I'll probably buy a ticket if I'm already at a convenience store or similar, but making a special trip to do so (costing time, gas) would probably tilt the calculation back toward "losing proposition".

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Re: Mega Millions - you in?

Postby Prof. Wagstaff » Fri Mar 30, 2012 11:48 am

ArturoBandini wrote:It's my understanding that for this particular drawing the nominal odds of winning are large enough that the expected return on investment is positive.
Not according to your link.
"...the expected value of a $1 ticket is only 63.2 cents (or a bit more or less, depending on your state).”

How did you read that article and come to your conclusion?

ArturoBandini
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Re: Mega Millions - you in?

Postby ArturoBandini » Fri Mar 30, 2012 11:54 am

Prof. Wagstaff wrote:
ArturoBandini wrote:It's my understanding that for this particular drawing the nominal odds of winning are large enough that the expected return on investment is positive.
Not according to your link.
"...the expected value of a $1 ticket is only 63.2 cents (or a bit more or less, depending on your state).”

How did you read that article and come to your conclusion?

I was only referring to the nominal odds, not the real odds after factoring all the realities of actually collecting such a sum, paying taxes, taking the lump sum instead...

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Re: Mega Millions - you in?

Postby Michael Patrick » Fri Mar 30, 2012 12:11 pm

I've had enough grad-level stats courses to know just how long the odds are.

But shit, half a billion dollars and that logic crap just goes right out the window. Count me in...

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Re: Mega Millions - you in?

Postby Prof. Wagstaff » Fri Mar 30, 2012 12:27 pm

ArturoBandini wrote:I was only referring to the nominal odds, not the real odds...
Yeah, I got that. So you used odds that you know do not reflect reality to conclude a ticket purchase (as long as it wasn't out of your way) was a reasonable investment? I am very confused. If you wanna buy a ticket, buy a ticket. Why pretend you're doing so because you've weighed the odds when you admit you weighed the wrong ones?

ArturoBandini
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Re: Mega Millions - you in?

Postby ArturoBandini » Fri Mar 30, 2012 12:29 pm

Prof. Wagstaff wrote:
ArturoBandini wrote:I was only referring to the nominal odds, not the real odds...
Yeah, I got that. So you used odds that you know do not reflect reality to conclude a ticket purchase (as long as it wasn't out of your way) was a reasonable investment? I am very confused. If you wanna buy a ticket, buy a ticket. Why pretend you're doing so because you've weighed the odds when you admit you weighed the wrong ones?
Odds are that I will not buy a ticket.

bdog
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Re: Mega Millions - you in?

Postby bdog » Fri Mar 30, 2012 12:30 pm

For the love of God Arty just tell him he's right and back away slowly !!!!!

What would you all do with the money if you won?

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Re: Mega Millions - you in?

Postby Stebben84 » Fri Mar 30, 2012 12:33 pm

bdog wrote:What would you all do with the money if you won?


Give it to a super PAC(that's what millionaires do, right?) then build a car elevator, and finally buy an island.

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Re: Mega Millions - you in?

Postby FJD » Fri Mar 30, 2012 12:36 pm

Stebben84 wrote:
bdog wrote:What would you all do with the money if you won?


Give it to a super PAC(that's what millionaires do, right?) then build a car elevator, and finally buy an island.


Wouldn't it make more sense to buy the island first, then put the car elevator on the island?

bdog
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Re: Mega Millions - you in?

Postby bdog » Fri Mar 30, 2012 12:38 pm

My short list would be:

- Humane societies
- Children's hospitals
- build a west side community center

Stebben84
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Re: Mega Millions - you in?

Postby Stebben84 » Fri Mar 30, 2012 12:47 pm

Francis Di Domizio wrote:Wouldn't it make more sense to buy the island first, then put the car elevator on the island?


Good point.

bdog wrote:My short list would be:

- Humane societies
- Children's hospitals
- build a west side community center


I'd buy out your children's hospital and then turn it into a casino :D


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