Monday, September 20, 2010

What Are the Odds?

The odds of winning money from a $1 scratch off ticket are about the same as winning off a $2 scratch off ticket, but the prizes are significantly greater (up to about 5x the amount). Does it make more sense to get 2 $1 scratch offs or one $2 one? (I know it makes the most sense to get none. I'm looking for the one that makes the second most sense.)

2 comments:

  1. This one's easy. So long as you're playing the same number of times and the chances of winning are equal, then you should play the $2 scratch-offs if the average award is at least twice as much.

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  2. I wouldn't be playing the same number of times, just spending the same amt of $. I'd either get 2 $1 tickets or one $2 ticket. That's the dilemma.

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