Are the lottery odds ever to your benefit? If you know the most notable prize, you should use Excel to understand the lottery probability to see if it's worth purchasing a ticket.
While the lottery is never a "good bet" mathematically, periodically it's a lot better than others. In fact, there are times when the lottery odds are on your behalf. With Excel, you can calculate lottery probability and discover exactly what your itrrrs likely that of winning. First, let's look at an example.
Problem: The Super Lotto jackpot is $8 million immediately. Should you play?
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Strategy: It depends on what many numbers come in the game. You need to determine the variety of possible combinations there come in the game. You can use the COMBIN function to understand the number of combinations by selecting six numbers out of a group of 40.
1) Set up a spreadsheet with the amount of balls inside your lotto game in cell C2.
2) Identify the number of numbers you have to select correctly in cell D2.
3) Enter the formula =COMBIN(C2,D2) in cell E2, as shown in Fig. 451. (Click image for a larger view.)
If your state lottery game requires you to select six numbers beyond 40, then this odds against you winning are 3.83 million to at least one. For a $1 bet plus an $8 million payout, the odds are on your side.
For a game title with 44 numbers, the chances are 7 million to one. This payoff is just slightly to your benefit.
For games with 48 or 54 click here numbers, the payout is not worth the long odds of the overall game.
Additional Information: COMBIN figures combinations. Here, the sequence when the balls are drawn in isn't relevant. If you had a sport where you had to fit both the numbers and the order by which they were drawn, you would then want to use the PERMUT function to find the number of permutations of drawing six numbers in sequence from 40.
Summary: Use the COMBIN or PERMUT functions for figuring the quantity of combinations or permutations.
Functions Discussed: =COMBIN(); =PERMUT()
Interested to learn more Excel tricks and strategies? Be sure to flick through the numerous other Excel tutorials and user guides offered at Bright Hub, like the following collections.