Is it just the logistics that prevent this type of investment?
The chance of winning a Mega Millions has 1 in 176 million with one ticket (which costs $1). The jackpot is now 476 million. Why can’t a billionaire buy every combination?
What limits him? The machine at the quick-e-mart just can’t spit them out quickly enough to do this with any reasonable amount of success?
I could swear that I saw a news report a decade or so ago that had an interview with a company that, when the lottery got high enough, basically bought every combination. They might have had access to a special machine or something that let them do this.
I seem to recall that they had a malfunction and could only print something like 3/4 of the tickets, yet they still won.
My memory is extremely hazy on this though.
Also, you have to remember that the lottery is 476 million, but if you win, you don’t necessarily walk away with that. You have to consider taxes and IIRC, if you take a cash payout, you don’t get the full figure.
This. If the prize is 5 million and you’ve spent 3 million on tickets, then a duplicate ticket means you’ve lost a half million…before taxes, of course.
In a lottery where you pick six numbers from 1 to 44, there are a total of about 5 billion possible tickets. Assuming that you can print out one ticket per second, it’s going to take you over 160 years to print them all.
Note that Australia (like Canada) doesn’t tax gambling winnings, so if any tax was withheld they might have been able to reclaim it. (I am not an expert on U.S. tax law.)
A buddy and I once spent the better part of an afternoon working on this. The key was how many people we could hire to go to different lottery machines with different sets of numbers so we could get them all printed between the midweek and Saturday drawings. I can’t remember the exact answer but we would have needed to tie up thousands of ticket machines 24 hours a day to get all the tickets printed in three days.
How do you get that number? I think you’re overcounting somewhere… (44 choose 6) is 7 million, which is what Wallenstein’s quote says. And 7 million seconds is only a few months…
ETA: I believe lotteries use combinations, not permutations.
If you could buy every combination, you’d get every prize- not just the jackpot. For example, you’d get every combination of five numbers without the megaball at $250,000 each, every four-number plus the megaball combination at $10,000 each, and so on.
I figure collecting the prizes would take a lot of time and effort.
There are several number-drawing styles in different state lotteries. I’ve seen ones that draw all the numbers from one pool of ping pong balls, ones where each number pulled from its own set (so repeating numbers are possible), and ones where the first five numbers and the last number each have a separate pool of balls.
I think that the lottery commissions should just sell a special “all numbers” ticket. That would not guarantee a unique win so what is the harm? It would be easy to cash in (the various sub-prizes) or it could even be sold at a discount to reflect the value of the sub-prizes and making it a jack-pot only ticket.
Just as you have no right to know what numbers someone else has bought, there would be no need to advertise that an “all numbers” ticket had been sold. They could even sell multiple ones if someone wants them. As long as the $1 winner gets and equal share with the $176 million winner, everyone should be “happy”.
When the UK lottery started this seemed to be one of the favourite topics of conversation for a while. At the time you could only play via the machines in shops, so you would have faced the logistical problems identified above. Now, however you can play online (without printing anything) so I’d assume it would be a lot easier to do now. We also don’t have taxes or annual options on lottery winnings, so that would make it a more attractive option.