August 28th, 2009Mega Millions Positive Expectations
According to Durangobill’s website, the odds of hitting the mega millions jackpot (all 5 balls, plus mega ball) are 1 in 175,711,536. The grand prize of the Mega Millions jackpot drawing tonight will be $333 million, with an after tax payout of approximately $210 million, according to this site. On top of that, there are numerous other potential prizes that a $1 ticket holder is entitled to, ranging in value from $2 to $250,000. Even with the IRS taking roughly one third of the jackpot, the number of combinations in the final jackpot (175 million) is about 16-17% less than the after tax total payout of $210 million. And that does not take into consideration any of the additional non mega jackpot award amounts. With positive expectations like that, it may be time to skip that $8 lunch today and buy 8 mega millions tickets instead. Good Luck!