At CleverAdviser, we love big data! In fact, we’re quite an authority on it. Along with AI and algorithms, it’s right at the heart of our approach to financial planning. So with that in mind, you might think if you were to draw a Venn diagram of all our interests, predicting the lottery would be more or less at the centre.
Nice thought! If only it were that simple…
Lottery numbers are drawn at random – and because of this, the next winning lottery numbers can never be predicted. The traditional school of thought is that each lottery combination has the same chance of getting picked – in a 6/45 format, each 6 number combination would have a 1 in 8 million chance of getting picked.
Is there a way of using mathematics to work out which numbers are more likely to get drawn? Interestingly, the numbers 03, 06, 13, 23, 27, and 49 have produced the most prize winning matches in the UK, since 1994. Probability analysis shows that not every combination has the same chance of appearing in a draw. Even though the numbers are drawn randomly, there are some numbers that will never be drawn, for example, the combination 1,2,3,4,5,6 has never appeared in a draw. If that’s your favourite selection each week, maybe it’s time to change! There are also 10,000 other people who pick these, so even if those numbers do come up, you’re going to be splitting the winnings with quite a few others!
Of course, there are many examples on the Internet of people promising magical solutions. All you have to do is buy their book with the required formulas for £20 which may sound a good exchange – £20 for a million pound jackpot. The obvious question, though, is why are they selling solutions on the Internet and not just relaxing on their yacht in the Caribbean?
The Brazilian mathematician, Renato Gianella, thinks he has found a reliable method. From his extensive research of twenty lotteries and by conducting statistical analysis of each draw, he’s concluded that some combinations are more likely to occur than others. This no longer makes the lottery a form of gambling in his view but is a representation of the probabilistic theory and the Law of Large Numbers. His study, called the Geometry of Chance, predicts the patterns of numbers with a greater chance of being drawn.
Sadly, his analysis only works when applied over a long period of time. So, although it may offer a way of improving your odds in the long term, it’s no good for your ticket for this Saturday.
Many people think you have more chance of winning if you pick the same numbers each week. In fact, the probability of winning at least once in 100 tries using the same numbers is the same as the probability of winning the lottery at least once in 100 tries using different numbers.
You can certainly have fun experimenting with mathematics and trying to predict those winning lottery numbers each week. But in our view, AI, algorithms and big data are much better put to work for ‘proper’ financial planning, which is much more likely to help you reach your ultimate financial goals than by simply crossing your fingers for a lottery win!
To see how we use AI, algorithms and big data at CleverAdviser, why not book a demo?
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