$200 Million Too Much? Sure Is!

[The Ceej]

Well, someone won last night, and the jackpot is back down to $15 million. That means the odds are much greater than the payoff, and now it's a bad idea to buy a ticket. I guess we just have to wait for the payoff to surpass the odds again.

That really isn't how gambling works.

Seriously. >_>

The odds are always the same, the only thing that differs is the amount of money there is to win. If there was actually a decent chance to win that $15 million (and I was eligible) I'd totally buy a ticket. There's not, though, and the odds are the same as the $200 million jackpot.

So, what you guys are telling me is that if someone gave you 3:2 payoff for a coin toss, you would have the same chance of taking the bet as if they gave you a 2:3 payoff?

Trust me. I never leave a casino with less than I went in with. I know how to gamble. I know odds. I know payoff. And I know when the bet is worth taking.

The odds are the same, but the payoff isn't. The odds are still 146,107,962:1, but now the payoff is only 15,000,000:1. Even if you win, you're being ripped off.