To follow up on heehaw's response:
Quote:
Originally Posted by olinolin
Is it correct to say game 1 and game 3 are equal in EV and game 2 is the lowest EV?
No. The EVs are -1, -0.6154, -0.5 (with very. very minor rounding)
Quote:
Originally Posted by olinolin
Which game is the most plus EV? Notice you pay $2 for the first game but $1 for the other games. Also what if the grand prize of the mega millions was 5 times more? Would that make it the most +EV?
The third game with EV = -0.5 has the best EV but it is not +EV as that symbol is used to represent a positive gain. If the megamillions prize was 5 times more, then, yes, it would be the best EV of +3.
The questions are fine for EV analysis interest but IMO of no practical value for determining which lottery you should play, if any.
For example, suppose the mega million $ win is 5x but you must bet $200 with 200/2=100 times the chance of winning. Then your EV = 300. Betting and losing $2 may have little effect on providing for family but betting and almost certainly losing $200 may be more significant, so the increase in EV is not compensatory.