Florida Pick 3 In the Florida Pick 3 lottery, you can place a ...

Question

Florida Pick 3 In the Florida Pick 3 lottery, you can place a “straight” bet of $1 by selecting the exact order of three digits between 0 and 9 inclusive (with repetition allowed), so the probability of winning is 1/1000. If the same three numbers are drawn in the same order, you collect $500, so your net profit is $499.

c. Is there much of a difference between the actual odds against winning and the payoff odds?

c. Is there much of a difference between the actual odds against winning and the payoff odds?

Accepted Answer

All right, hello, everyone. So this question says, in a promotional drawing, participants win by guessing the exact sequence of three letters selected at random from A to Z, with repetition allowed. The actual odds against winning are 17,575 to 1. The contest offers a prize of $8000 for a correct $1 entry. So the payoff odds are $8000 to 1. Is there a substantial difference between the actual odds against winning and the playoff odds? Or pay off odds rather not play off. All right, so first, let's understand the two odds that are actually being compared here, right? The odds against winning. Are 17,575 to 1, whereas the payoff odds, which describes how much money you win in relation to your bet, equals 8000. To 1. So, just comparing these numbers. As I have them written, you can see the substantial difference between them because notice how 17,575 is more than double 8000. And so what this tells you is that the odds of or the odds against winning rather, are significantly worse than the payoff odds just by considering the vast difference between both numbers. So in conclusion, we can say that yes, there is a considerable difference. Now, specifically, the payoff odds are a lot lower than the actual odds against winning, which means. That the odds of the of the game, which means that playing the game is not really favorable to the player. And there you have it. So with that being said, thank you so very much for watching and I hope you found this helpful.

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Key Concepts

Probability

Odds

Payoff Odds

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