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In the Texas Pick 3 Lottery, You Can Bet $1 1/10001 / 1000

Question 42

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 1/10001 / 1000 f 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?

Correct Answer:

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The actual odds against winning is 999:1...

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