{"id":71528,"date":"2023-10-11T17:03:06","date_gmt":"2023-10-11T21:03:06","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/powerball-drawing-odds-and-payoffs\/"},"modified":"2023-10-11T17:03:09","modified_gmt":"2023-10-11T21:03:09","slug":"powerball-drawing-odds-and-payoffs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=71528","title":{"rendered":"Powerball Drawing: Odds And Payoffs"},"content":{"rendered":"
\n
\n

Is each ticket worth $6? Nah, more like $1.42.<\/em><\/p>\n

<\/fbs-ad><\/p>\n

If you bought a $2 ticket for the October 11 Powerball lottery you immediately made yourself 58 cents poorer, by my reckoning.<\/p>\n

I expect the jackpot to be $1.75 billion, slightly more than the official forecast.<\/p>\n

The chance of winning the big prize is 1 in 292 million. But the value of a ticket is considerably less than $1.75 billion divided by 292 million, which would come to $6. Three haircuts must be applied.<\/p>\n

First is that the advertised jackpot is to be pocketed over a period of 30 years. Take it immediately and you get only the discounted present value. That\u2019s the advertised sum divided by 2.28.<\/p>\n

Next is that there is some chance that, if you win, you will be sharing the prize with one or more other winners. How much this shaves off the expected payoff depends on how many tickets are sold. I\u2019m guessing this number will be 129 million for the October 11 drawing, enough to take away 19% from the apparent value.<\/p>\n

Last little problem is your tax bill. This damage depends on where you live. In the table below I allow a 42% loss to state and federal taxes.<\/p>\n

<\/fbs-ad><\/p>\n

The little prizes, starting at $1 million and working their way down to $4, are worth a collective 19 cents after tax.<\/p>\n

One more odds calculation: If my estimate of sales is on target, there\u2019s roughly a 2-to-1 chance that the jackpot will get no winner on Wednesday and will grow. In that case it\u2019s likely to top $2 billion in advertised size for the October 14 drawing.<\/p>\n

There\u2019s a fuller discussion of odds calculations here, in a review of the similar lottery game Megamillions.<\/p>\n<\/div>\n

\n
\n
<\/div>\n

<\/fbs-cordial><\/div>\n<\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Is each ticket worth $6? Nah, more like $1.42. If you bought a $2 ticket for the October 11 Powerball lottery you immediately made yourself 58 cents poorer, by my reckoning. I expect the jackpot to be $1.75 billion, slightly more than the official forecast. The chance of winning the big prize is 1 in […]<\/p>\n","protected":false},"author":1,"featured_media":71529,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-71528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nPowerball Drawing: Odds And Payoffs | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Is each ticket worth $6? Nah, more like $1.42. If you bought a $2 ticket for the October 11 Powerball lottery you immediately made yourself 58 cents\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=71528\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Powerball Drawing: Odds And Payoffs | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Is each ticket worth $6? Nah, more like $1.42. If you bought a $2 ticket for the October 11 Powerball lottery you immediately made yourself 58 cents\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=71528\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-11T21:03:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-11T21:03:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/10\/1697058188_0x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"757\" \/>\n\t<meta property=\"og:image:height\" content=\"570\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=71528#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=71528\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Powerball Drawing: Odds And Payoffs\",\"datePublished\":\"2023-10-11T21:03:06+00:00\",\"dateModified\":\"2023-10-11T21:03:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=71528\"},\"wordCount\":283,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Investing\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=71528#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=71528\",\"url\":\"https:\/\/ifintechworld.com\/?p=71528\",\"name\":\"Powerball Drawing: Odds And Payoffs | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-10-11T21:03:06+00:00\",\"dateModified\":\"2023-10-11T21:03:09+00:00\",\"description\":\"Is each ticket worth $6? Nah, more like $1.42. If you bought a $2 ticket for the October 11 Powerball lottery you immediately made yourself 58 cents\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=71528#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=71528\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=71528#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Powerball Drawing: Odds And Payoffs\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Powerball Drawing: Odds And Payoffs | iFintechWorld","description":"Is each ticket worth $6? Nah, more like $1.42. If you bought a $2 ticket for the October 11 Powerball lottery you immediately made yourself 58 cents","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=71528","og_locale":"en_US","og_type":"article","og_title":"Powerball Drawing: Odds And Payoffs | iFintechWorld","og_description":"Is each ticket worth $6? Nah, more like $1.42. If you bought a $2 ticket for the October 11 Powerball lottery you immediately made yourself 58 cents","og_url":"https:\/\/ifintechworld.com\/?p=71528","og_site_name":"iFintechWorld","article_published_time":"2023-10-11T21:03:06+00:00","article_modified_time":"2023-10-11T21:03:09+00:00","og_image":[{"width":757,"height":570,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/10\/1697058188_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=71528#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=71528"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Powerball Drawing: Odds And Payoffs","datePublished":"2023-10-11T21:03:06+00:00","dateModified":"2023-10-11T21:03:09+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=71528"},"wordCount":283,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Investing"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=71528#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=71528","url":"https:\/\/ifintechworld.com\/?p=71528","name":"Powerball Drawing: Odds And Payoffs | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-10-11T21:03:06+00:00","dateModified":"2023-10-11T21:03:09+00:00","description":"Is each ticket worth $6? Nah, more like $1.42. If you bought a $2 ticket for the October 11 Powerball lottery you immediately made yourself 58 cents","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=71528#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=71528"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=71528#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Powerball Drawing: Odds And Payoffs"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/71528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=71528"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/71528\/revisions"}],"predecessor-version":[{"id":71530,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/71528\/revisions\/71530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/71529"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=71528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=71528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=71528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}