Re: The lottery is +EV
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Last time Mega Millions was in the $175,000,000 range (about 3 months ago) I did some rough EV calculations taking into consideration a lump sum payout & taxes. Buying a ticket becomes EV neutral when the Jackpot ~$285,000,000. Powerball has fewer numbers and becomes neutral ~$200,000,000. That being said I have 5 mega millions tickets for tonight.
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I think this is still too low. You must also factor in that the higher the jackpot the more likely you are to split the pot with one or more other winners. Occasionally you hear about these huge pots being won by a single person, but usually its two or more.
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Scott
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