If 125 tags are available for 762 people, each person has a chance of 125/762 or .1640 on the first draw, which can be expressed as 16.4%. Remember that if 125 tags were split between 125 people then each would have a chance of 125/125 = 1 which is 100% chance of winning.
Or look at it the other way, 762 people with 125 tags, 762/125 = 6.096, or about 6 people vying for each tag. 100% success divided by 6.096 = 16.40 or again 16.4%.
I suppose there is some algorithm that shows your odds decreasing with each unsuccessful (for you) draw. When the first ticket is drawn, then 124 people are vying for 761 tags, or 124/761 = .1629, then 123/760 = .1618, etc. until there is one tag left for 638 people or 1/638 = .0015.
Not sure how 6 applicants vying for one of 762 tags would be calculated, I left college to join the Army before we got to that part of the class.
