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For starters, the odds of two people sharing a birthday are one in 365, not one in (365 x 365 = 133,225) - the point being it doesn't matter which day the first person's birthday is on, the second one just has to match it, and has a one in 365 chance of doing so. Add a third person into the mix and the odds of them having the same birthday (and therefore that date being shared by all three) just adds another factor of 365 to the mix, i.e. the probability of the whole thing - boy meets girl, discovers they share a birthday, impregnates her, baby is born on their mutual birthday - is one in 133,225. No millions involved, still less 48 of them.
However, we're not interested in the probability of the whole shooting match, just the baby bit, since the parents getting together and sharing a birthday bit has already happened. The odds of this are going to be at best (or worst, depending how you look at it) one in 365, and they are only this until you know you're pregnant - once you know this the range of available dates for the baby's birthday narrows considerably. Let's assume that we require the baby to be born healthy and normal in all the usual respects - if you're in a first world country with decent medical care this probably means a window of 24-40 weeks after conception as possible birth dates (and the lower end of that could be touch and go survival-wise). That's 16 weeks, i.e. 112 days. So, unless you already know you're out of the game (if the Parkers had conceived in August, for instance, there's absolutely no way the baby could be born on July 19th), you're actually only looking at odds of one in 112 or thereabouts. Less of a snappy headline for a news story, I'll grant you.
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Interestingly, this article applies the birthday problem's conclusion (i.e. that you only need a group of 23 people to make it more likely than not that two of them will share a birthday) to the handy existing data set of all the US Presidents (of which there have been 43, making it over 90% likely that there'll be a match) - sure enough James Polk and Warren Harding share a birthday, November 2nd. QED!
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