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 drawn in the same order, you collect $300, so your net profit is $499.
a. Find the actual odds against winning.
b. Find the payoff odds.
c.The web site www.txlottery.org indicates “Odds 1:1000” for this bet. Is that description accurate?