Do You Play the Lottery? (1 Viewer)

[Optimus Prime]

Inspired by the mega jackpot of 300+ mill

I play very rarely and only for huge pots.

I spend 5 minutes imagining what it would be like to win.

I don't win then I go on with my life

 

[gpupil]

Nope. Lotteries are a voluntary tax on the poor.

 

[superchuck500]

Nope. Lotteries are a voluntary tax on the poor.

Both my economics professor in undergrad and my tax law professor at law school said that they believe that buying a single lottery ticket when the jackpots are high is an entirely worthwhile use of funds. The idea is that the winnings are so high and the fact is that a single dollar is not likely to impact anyone's budget. You'll never win if you don't buy a ticket and its not a bad idea if you limit it to one.

But the problem is when people expend signficant amounts on the lottery. Especially when you're talking about buying handfulls or more of powerball or megamillions tickets. You have not increased your chances of winning by anything more than a miniscule abount, but you have increased the impact on your personal cash flow significantly.

In other words, if one ticket's odds are 1 in 500million, 10 tickets do not get you 1 in 50million, they get you 10 in 500million. That's a very negligible increase - but for many people 10 bucks is much more important than 1 dollar.

And unfortunately it is often poorer people who choose to do this.


Jeff Foxworthy:
Sophisticated people have 'retirement planning' . . . rednecks play the lottery.

 

[voodoo_blues]

I can't stand the people who think the convenience store is a casino. When I'm in a hurry I always get stuck behing someone taking forever playing the lottery.

 

[4saintspirit]

Play it -- its my retirement plan --

 

[Jonesy77]

From a probability standpoint, there is a point at which it becomes a "good bet" to play the lottery based upon expected payout vs. probability of winning.

 

[Saint Sarah]

I play for one or two bucks if it gets over $100 million. I usually buy my ticket on my way to my lunch break so I can spend the entire time dreaming about how awesome it would be if I won. How I would collect, what my giving requirements would be, etc.

Considering that you pay between $4+ dollars per hour of entertainment at the movies, I think I'm making out just fine.

Just as an FYI: If I win, don't ask me for any money. I've decided that anyone who asks for money is immediately denied. When I find a worthy cause they'll get it.

 

[cdogg]

You forgot the "it's not available in my state" choice.

 

[guidomerkinsrules]

Nope. Lotteries are a voluntary tax on the poor.

i'd heard it was a tax on people who are bad at math

- i play every now and then as much to let my imagination run wild than of any serious thought of winning
i think picturing myself in a luxury box for saints games and flying to every away game and then doing the offseason in Florence is worth $1

 

[KiwiSaint]

I'll play every now and then when the jackpot is over $100 million...usually buy 5 tickets.
The fun part is the 10 minutes of fantasy when I win...the condo in New Orleans for living during the season...and of course, the suite for all the games. A condo in Auckland, NZ so my wife can visit her family in style...a farm on the South Island of NZ for me...how much will I give my ex so she can live nearby with my son as we travel between the US, NZ and Denmark...making a list of "who can kiss my ***...how much of a donation I'll make to SR...
Then back to reality the next morning after I don't match a single number...:aargh:

 

[Goats]

I find it funny that more people play when its high than when its low at 10 million. As if you couldnt use 10 mil, but 100 mil would make a difference.

I buy one ticket whenever Im inside a store...maybe once a week....doesnt matter what the jackpot is, Its a $1 for millions more.

 

[Redjem]

Yes, I play the same numbers every week on the Louisiana lotto. Have done this for years, gotta hit one day right?

 

[LKN H20Girl]

Question - for those who play often or occasionally - do you use the same numbers or different numbers each time? Or do you just do a quickpick?

 

[superchuck500]

I find it funny that more people play when its high than when its low at 10 million. As if you couldnt use 10 mil, but 100 mil would make a difference.

I buy one ticket whenever Im inside a store...maybe once a week....doesnt matter what the jackpot is, Its a $1 for millions more.

And the rest of us thank you for your dedication to building the megajackpots for us all to join in. We need you and suckers like you to make it fun!

 

[LogeEndZone]

I find it funny that more people play when its high than when its low at 10 million. As if you couldnt use 10 mil, but 100 mil would make a difference.

I buy one ticket whenever Im inside a store...maybe once a week....doesnt matter what the jackpot is, Its a $1 for millions more.

Odds of hitting the powerball are 1 in 195,249,054. To make this simple, I'll ignore all possible outcomes except for hitting the jackpot or getting nothing. If the jackpot is 10 million, the expected return is 10,000,000*1/195,249,054+(-1)*195,249,053/195,249,054 or roughly -.95. If the jackpot is 100,000,000, then my expected return is 100,000,000*1/195,249,054 or roughly -.49.

In other words, I expect to lose less if the jackpot is higher.