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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.
A fair bet is one where the "expected winnings"
exceed the ticket price, says Williams College economist
Victor Matheson.