In the Texas Pick 3 Lottery, You Can Bet $1

question 37

Essay

In the Texas Pick 3 Lottery, you can bet $1 by selecting the exact order of three digits
between 0 and 9 inclusive, so the probability of winning is 1/1000. If the same three
numbers are draw in the same order, you collect $500, so your net profit is $499. Find the
actual odds against winning and the payoff odds. The website indicates that the odds are
1:1000 for this bet. Is this an accurate description?

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