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Author Topic: A little math help  (Read 657 times)

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mr j

A little math help
« on: October 28, 2018, 04:37:37 PM »
Lets say there are odds of an event happening at 1:8,239
70,000 people played. Estimate, how many winners should there be?

 

MickyP

Re: A little math help
« Reply #1 on: October 28, 2018, 04:44:36 PM »
Anywhere between none and all.

The odds don't matter, the bets do. All could bet incorrectly or magically all could bet correctly.
 

mr j

Re: A little math help
« Reply #2 on: October 28, 2018, 04:49:33 PM »
Its not a BET in the way you think. Its more of a lottery question. Regardless, there has to be some sort of average.
 

MickyP

Re: A little math help
« Reply #3 on: October 28, 2018, 05:03:06 PM »
If its to do with lottery then you have to work on the amount of numbers available and the amount of numbers picked for a win.
The odds are 1 in 8239. 70 000 divided by 8239 gives you about 8 winners.
 
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MickyP

Re: A little math help
« Reply #4 on: October 28, 2018, 06:43:33 PM »
The above is a very basic approach to estimating potential winners, BUT, if you select 6 numbers to win from 49 numbers in a lottery the number of people betting doesn't matter because the odds are worked on an individual win. In this example it would be about 1 in 14 000 000 chance of selecting the right combination. (I'm under correction here so maybe Mike could give you a clearer explanation).
 

mr j

Re: A little math help
« Reply #5 on: October 28, 2018, 08:23:58 PM »
If its to do with lottery then you have to work on the amount of numbers available and the amount of numbers picked for a win.
The odds are 1 in 8239. 70 000 divided by 8239 gives you about 8 winners.

This was my guess.