Stupid Money…

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90M-Oz-Lotto_0

In keeping with the theme of ridiculous quantities of money, NOTR presents a brief breakdown of the lottery, as inspired by the current OzLotto draw to win $90 million…

  • The world’s first lottery was in China, between 205 and 187 B.C.
  • In ancient Rome, they used to hold lotteries during wealthy dinner parties, lucky winners could score fancy dinnerware, nubile serving women or slaves… once the lottery was done, they would have an orgy.
  • The Dutch originally used lotteries as a ‘fun’ form of taxation, money raised would be used to support the poor, undertake public constructions and free dutch sailors from slavery.
  • The settlement of Virginia in 1612 was partially financed by the King James lottery, which helped establish settlers in Jamestown.
  • A number of US Ivy League universities were originally funded by lotteries.
  • A notorious lottery scam in Louisiana was called the ‘Golden Octopus’.
  • Tonight’s $90 million draw is the largest in Australian history, approximately 1 in 3 adults are expected to purchase a ticket.
  • A guy from New Jersey won $390 million in 2007, the highest total win ever.

In the Oz Lotto format there are seven winning numbers and two supplementary numbers, which are drawn from a barrel of 45 balls.

The odds of winning are outlined below:

Division Winning Numbers Required Probability (Single Game)
1st Division 7 1 in 45,379,620
2nd Division 6 + supplementary 1 in 3,241,401
3rd Division 6 1 in 180,078
4th Division 5 + supplementary 1 in 29,602
5th Division 5 1 in 3,430
6th Division 4 1 in 154
7th Division 3 + supplementary 1 in 87
Any Prize 1 in 55

According to the most accurate online reference ever:

The purchase of lottery tickets by large numbers of people is arguably economically irrational.

However, in addition to the chance of winning, the ticket may enable some purchasers to experience a thrill and to indulge in a fantasy of becoming wealthy.

Oh shit, you better hope i don’t win, imagine the ridiculous shit i’d write about if all i had to do was sit around spending $90 million…

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