When I first heard about Powerball lottery, I thought winning the jackpot would completely rely on luck. Well, that’s until I learned about the interesting theory about this game. With 1 in 292,201,338 winning odds, do you know that even if you bought the whole ticket, you can still win a huge profit?
Yeah, I know how weird it sounds. Who would possibly want to spend $584 million to buy the whole ticket? Well, let me explain it first. With the lump-sum jackpot estimated at around $930 million, you still have $346 million in your pocket. Also, since you have purchased all the tickets, you will also win all the lower-tier prizes. That means around $200 million extra cash.
Now, if we compare to the $584 million you spent to buy the whole ticket, you can still have $638 million winning.
But, as good as it sounds, this theory has 2 fatal mistakes. The reasons are as follows.
You might have to share your ticket
Victor Matheson, a professor at the College of the Holy Cross who studies economics and accounting once studied the chance of winning a Powerball jackpot. He revealed that the best way to win the prize is by sharing the ticket with 1 other person. If you keep the ticket to yourself, you will only have 25% chance of winning. It is 8% lower than if you share the ticket with someone else (33%). However, if you keep sharing the ticket, you will only decrease your chance. Sharing it with 2 people will leave you with just 25$, 12% for 3 people, and 6% for 4 others.
The professor said all this data lead to 1 conclusive point. It only needs 1 winner to cut your profit.
What if there was no winner from the last drawing? Well, don’t let that fool you. This is unlikely happened. With at least 440 million tickets sold every year, there is 77% possibility that there is at least 1 winner from the last drawing.
It’s almost impossible to buy every ticket
It’s not because no one wants to spend $584 million on the tickets. There are always people who want to spend big in order to win big.
Here is the real reason. it will take too much time purchasing every single ticket. If we need 1 second to purchase a Powerball ticket, then it will take at least 13 years to purchase every combination.
Even if you have an army to do this job for you, it is highly unlikely you can purchase every single ticket before the time runs out. Since the ticket is not available for online sale, you should visit every ticket station across the country to purchase every ticket within 3 days.
It sounds crazy, right?
Well, actually back in February 1992, someone was crazy enough to prove this theory. An Australian consortium tried to purchase every Virginia Lotto ticket in order to win $24 million jackpot. However, even with a company as big as his, he could only purchase 2.4 million out of 7 million tickets sold that day.
Now, please tell me. If a corporation couldn’t do it, how can us?