From the e-Activity, determine the probability of winning south carolina lottery game. Provide a rationale to support your determination

"Playing Games with Probability" Please respond to the following:

From the e-Activity, determine the probability of winning your state’s lottery game.  Provide a rationale to support your determination.

What is the expected value of a lottery ticket?

See the link to the US Census with data on lottery sales, prizes, administration costs and proceeds available.  For your state is the payoff in prizes as a percent of sales higher, lower or approximately the same as the national average?

Week 4 e-Activity

Use the Internet to research the basic lottery system in your state. For example, the state of Ohio has a Pick 5 game where a customer selects 5 single-digit numbers (0-9). Each number can be selected again meaning 9-9-9-9-9 is a possible winner. Be prepared to discuss.

Data on Lottery Sales, Admin and Payouts By State

Attached Files:

File Data On State Lotteries.docx (27.52 KB)

Lotteries have become so widely used by states as a revenue source that the Census now tracks annual sales, administration costs and payouts.  Lottery sales in 2013 were $62.4 billion.  Lottery prizes were $32.8 billion, or 62% of sales.  Administration costs were $3.2 billion, or 5% of sales.  Proceeds available for state use were $20.4 billion, is 33% of sales.  States vary widely.  Check out your state.