EV = P(win) × jackpot − ticket cost.
Ultra Lotto, ₱20 ticket, ₱50M jackpot: EV = (1/40,475,358) × ₱50,000,000 − ₱20 = ₱1.24 − ₱20 = − ₱18.76 per ticket on average.
Even a record ₱1B jackpot gives EV = ₱24.71 − ₱20 = + ₱4.71 — positive! But split across the ~7 typical co-winners at billion-peso draws, EV turns negative again. The fun is the dream, not the math.