I come from the Czech Republic and I received a business case at work. I am supposed to come up with a new lottery which would be a competitor to something similar like Lotto from UK National Lottery, which in the Czech Republic is called Loto.
I've been trying to calculate the probability of the old and of the new lottery for hours but I just cant get it right. Could some good soul from this forum please please help me?
With Loto here you have to pick 6 numbers from 1-49 and have to choose a color for the whole bet (black or white). You win most if you get all 6 numbers and the color. You win less if you guess 6 numbers and not the color. Then again 5 numbers and the color, and so on.
Could someone please explain the probability evaluation step by step for me please?
Now with the "new" lottery you will pick 5 numbers from 1-50 and you must pick a "dice" number 1-6. You win most when you get 5 numbers and the "dice" number, etc. etc. What is the probability evaluation in this case?
I really need a "for dummies" explanation. If some of you would be so kind to help me, you cant imagine how greatful I would be.
Thank you so very much