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But, but, but... Powerball, Mega Millions and most others pay out over 20 to 30 years, devaluing the winnings. For the recent Powerball drawing, for example, this reduces the jackpot from $260 million to just under $150 million. Now the expected value of a ticket is $150 million x 1/120 million +.25 (for lower tier prizes) = $1.50, which still exceeds the price of the ticket.

But there's more: Taxes take about 1/3 of winnings, reducing the above return to around $1, or right at the break-even point, and multiple winners force sharing of the pot, common with big jackpots and "Mega Millions Lottery Tickets, Megamillions, Megamillion, Mega Million, Powerball Lottery Tickets, Powerball Tickets and Powerball Online fever." In fact, none of the big lotteries like Mega Millions or Powerball has ever produced a fair bet, but some states have.

As for the wealthy playing, concludes Matheson, there have been cases where the expected return was high enough that an investment consortium tried to corner the jackpot by buying every combination. In 1992, an Australian group attempted to corner a $27 million Virginia Mega Millions Lottery Tickets, Megamillions, Megamillion, Mega Million, Powerball Lottery Tickets, Powerball Tickets and Powerball Online jackpot and managed to buy 2.4 million of the 7.1 million possible combinations before time ran out. They didn't win.It has been reported that the wealthy don't play state lotteries unless the jackpot grows enormous, at which point probability theory says the game may become a good bet. How good? What's the theory here?