A lucky person who bought a ticket in Arkansas will take home a whopping $1.817 billion Powerball jackpot, which has a cash option of $834.9 million.

The Christmas Eve prize is the second-largest U.S. lottery jackpot ever won and the largest Powerball prize this year, according to a news release from the Multi-State Lottery Association.

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[–] 21 points 10 months ago* (last edited 10 months ago) (8 children)

Also, the lottery is a tax on those who don't understand (or are willing to learn) about statistics. Never play.

I bought a ticket this time around, and I understand statistics. I understand that my odds of winning are infinitely better with one ticket than no tickets. But the difference between one ticket and more than one ticket is inconsequential. So one ticket it is.

I also understand the odds of winning Powerball are about 1 in 300 million. So once the jackpot gets over 600m or so, the expected value is high enough to justify buying that one ticket.

So, when I see the jackpot get big, I buy a ticket, and dont get my hopes up.

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  • [–] 6 points 10 months ago* (7 children)

    You'd be better off contributing that ticket's cost as a contribution towards an index or money market fund. Reliable returns compared to that ticket lol

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  • [–] 22 points 10 months ago (5 children)

    There's also the entertainment value of the ticket.

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  • [–] 14 points 10 months ago (4 children)

    No no, I understand the improbability and don't play, which means I'm better than everyone who does. Quit having fun. Right? Right?

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  • [–] 1 point 10 months ago* (last edited 10 months ago) (2 children)

    Nah, there's nothing wrong with having fun. It's just that you'll likely never experience the win in your lifetime, so I'd rather use that collective money over time to buy a couple steam games or something, ya know?

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  • [–] 8 points 10 months ago

    The odds of $5 into an index fund turning into $700 million are in fact lower than the odds of winning the Powerball. An occasional gamble in the Powerball is not going to end my retirement plans any more than the occasional latte or avocado toast.

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