Yep, I buy Toto.
Some people think it’s a ridiculous waste of money.
For others, it’s a hope for instant fortune.
I’m sure many would think it’s quite unbelievable for me to be wasting my money on Toto. Mathematically, it doesn’t make sense.
What’s the probability? 49 choose 6 = 13,983,816
So there’s a 1 in around 14 million chance to win.
Cost of 1 purchase is $1
Potential winnings, $1m – $10m
So it’s definitely not a fair game.
I think about it this way.
IF, every week I buy $6, over 52 weeks, this is $312 per year.
Some weeks I don’t buy, I forget, or just can’t be bothered, sometimes, we both buy, whatever. It’s an estimate.
Over my lifetime, let’s say I start buying at 20 years old until, 75 years old, that’s a 55 year period.
I would have spent, $17,160.
So my rationale is, am I willing to spend $17k during my whole life, to buy a chance …