How to determine Lottery Chance in Excel

Are the lottery odds ever to your benefit? If you know the superior prize, you need to use Excel to find out the lottery probability and find out if it's worth getting a ticket.

While the lottery is rarely a "good bet" mathematically, occasionally it's better than others. In fact, there are actually times when the lottery odds are in your favor. With Excel, it is possible to calculate lottery probability and find out exactly what your likelihood is of winning. First, let's consider an example.
Problem: The Super Lotto jackpot is $8 million immediately. Should you play?
Image Credit: sxc.hu/upn
Strategy: It depends how many numbers come in the game. You need to figure out the variety of possible combinations there have been in the game. You can use the COMBIN function to figure out the amount of combinations by selecting six numbers from a group of 40.
1) Set up a spreadsheet with the amount of balls with your lotto game in cell C2.




eval(ez_write_tag([[336,280],'brighthub_com-box-1']));


2) Identify the amount of numbers you have to select correctly in cell D2.
3) Enter the formula =COMBIN(C2,D2) in cell E2, as shown in Fig. 451. (Click image for a larger view.)

If your state lottery game requires you to select six numbers away from 40, then this odds against you winning are 3.83 million to 1. For a $1 bet as well as an $8 million payout, the odds are on your side.
For a casino game with 44 numbers, the odds are 7 million to one. This payoff is merely slightly on your behalf.
For games with 48 or 54 numbers, the payout is not worth the long odds of the sport.
Additional Information: COMBIN figures combinations. Here, the sequence the location where the balls are drawn in is not relevant. If you had a game title where you had to match both the numbers and also the order by which they were drawn, you would want to use the PERMUT function to find the volume of permutations of drawing six numbers in sequence from 40.
Summary: Use the COMBIN read more or PERMUT functions for figuring the quantity of combinations or permutations.
Functions Discussed: =COMBIN(); =PERMUT()

Interested in mastering more Excel tricks and techniques? Be sure to search through the a huge selection of other Excel tutorials and user guides offered by Bright Hub, such as the following collections.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Comments on “How to determine Lottery Chance in Excel”

Leave a Reply

Gravatar