Question 1199414: Reposted Question:
In a scratch off lottery ticket game, the chance of matching 3 digits is 1 in 1000, and the amount paid on a matching card is typically $500, meaning the state is making $500 for each 1000 tickets purchased. Price of ticket: $3.
How are both calculated? I haven't purchased a ticket, so I am not familiar with them.
Answer by ikleyn(52817)   (Show Source):
You can put this solution on YOUR website! .
Let me explain you HOW does it work.
With 3 digits on a ticket, the number of tickets is 1000.
Let's assume that the organizers of a lottery sold all 1000 tickets.
At the price $3 per ticket, it means that the organizers get $3000.
They pay 1 time $500 to a winner as a winning prize/award; so they have $2500 remained: it is their income/earning.
The winner gets $500, but pays $3 for a ticket, so his (or her) pure income is $500 - $3 = $497.
The rest of the people/participants get NOTHING back, but pay $3 per each ticket.
When you ask "How are both calculated?", it is unclear to me who (or what) are these "both",
so the meaning of your question is unclear.
At this point, I stop my explanations.
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