The Powerball lottery jackpot has hit a whopping $400 million, and the question on everyone's mind is "At what point should I actually start caring about the Powerball Lottery"?
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Answering this question is not so simple, because in addition to calculating the odds of winning a potential jackpot, you also have to figure out the odds that you will have to split the potential jackpot. And the odds of a split change all the time, because the bigger the jackpot, the more people buy tickets. So we've decided to really drill down into the math to combine all the factors, including jackpot size, and the odds you will have to split the pot if you do win.
Powerball is interesting in the sense that there are a number of stagnant cash prizes that you can win, as well as an ever-increasing jackpot.
The expected value of spending $2 on a Powerball ticket is actually -$1.58 when you ignore the jackpot. That's right, the expected value of playing when you ignore the jackpot is negative. read more:
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