1 Lottery Winnings
Retirement Plan
Matthew Birkebak
Marisela Valadez Alatorre
Odds of winning the lottery •
Chances of winning the lottery.
•
Odds for both the Mega Millions and Powerball.
•
Percentage of new friends after winning the lottery. •
Odds of losing the money awarded from a lottery win.
•
Second chance drawings.
Mega Millions
Odds of winning:1 in 259 million on the jackpot
$656M, Mega Millions, March
30, 2012 is the largest jackpot with 75 million tickets sold for drawing.
Odds of getting struck by lightning is 1 in 700,000
Expected value: $1.54
1/259M($656M)-(258/259)$1
Powerball
Odds of winning: 1 in 175,223,510
$590.5M Powerball May 18, 2013 largest ever with ticket sales of 72 million.
Minimum 40 million dollars jackpot entices more sales.
More likely to get murdered than win the Powerball
Expected Values
Mega Millions
Expected value: $1.54
1/259M($656M)-(258/259)$1
Megamillions vs Powerball
Cheaper to enter at only $1 vs $2 or
Powerball
Odds of winning Megamillions is higher
Powerball has larger jackpots more often
A jackpot win with either guarantees retirement Friend Increase
People come out of the woodwork claiming lifetime friendship.
300% increase of people that know you.
Lottery Winners Call It a “Curse.”
New “Investment opportunities”
Why people play
The ultimate fantasy: Walk into a store, plunk down a dollar, and with nothing but luck — really extraordinary luck — you win a giant lottery.
A desire to improve your life in a way that's driven by fantasy.... The bigger the fantasy, the tastier it gets.
Hope that a better day will come, that some big thing will happen that will make everything right, set the course on track.
States most likely to win….
Losing your winnings
William "Bud" Post squandered his 1988 Pennsylvania prize of more than $16 million on houses, vehicles and bad businesses
More than 1,900 winners went bankrupt within
Matthew Birkebak
Marisela Valadez Alatorre
Odds of winning the lottery •
Chances of winning the lottery.
•
Odds for both the Mega Millions and Powerball.
•
Percentage of new friends after winning the lottery. •
Odds of losing the money awarded from a lottery win.
•
Second chance drawings.
Mega Millions
Odds of winning:1 in 259 million on the jackpot
$656M, Mega Millions, March
30, 2012 is the largest jackpot with 75 million tickets sold for drawing.
Odds of getting struck by lightning is 1 in 700,000
Expected value: $1.54
1/259M($656M)-(258/259)$1
Powerball
Odds of winning: 1 in 175,223,510
$590.5M Powerball May 18, 2013 largest ever with ticket sales of 72 million.
Minimum 40 million dollars jackpot entices more sales.
More likely to get murdered than win the Powerball
Expected Values
Mega Millions
Expected value: $1.54
1/259M($656M)-(258/259)$1
Megamillions vs Powerball
Cheaper to enter at only $1 vs $2 or
Powerball
Odds of winning Megamillions is higher
Powerball has larger jackpots more often
A jackpot win with either guarantees retirement Friend Increase
People come out of the woodwork claiming lifetime friendship.
300% increase of people that know you.
Lottery Winners Call It a “Curse.”
New “Investment opportunities”
Why people play
The ultimate fantasy: Walk into a store, plunk down a dollar, and with nothing but luck — really extraordinary luck — you win a giant lottery.
A desire to improve your life in a way that's driven by fantasy.... The bigger the fantasy, the tastier it gets.
Hope that a better day will come, that some big thing will happen that will make everything right, set the course on track.
States most likely to win….
Losing your winnings
William "Bud" Post squandered his 1988 Pennsylvania prize of more than $16 million on houses, vehicles and bad businesses
More than 1,900 winners went bankrupt within