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Lottery ticket purchases

Discussion in 'Bad Dog Cafe' started by uriah1, Jan 23, 2021.

  1. uriah1

    uriah1 Telefied Gold Supporter

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    I am still amazed at why so many folks jump on the lottery ticket band wagon
    when it is at a zillion dollars when the odds are so much better when
    it is at 2 million dollars. Sometimes more than 100 or 1000 times better odds.

    Is it you would rather be a ka-zillionaire than a millionaire?

    hmm
     
  2. don71

    don71 Tele-Afflicted

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    Does it work that way? I thought the odds stay the same, like one in a kazillion. To me, the odds of having to share the prize with another winner goes up not the chance of hitting the numbers to begin with.
     
  3. swervinbob

    swervinbob Tele-Afflicted

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    Actually, you always have the same odds of winning. When less people are playing, you just have better odds of winning the whole prize, instead of multiple people having to share it.
     
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  4. swervinbob

    swervinbob Tele-Afflicted

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    I guess me and don71 were typing the same thing at the same time.
     
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  5. stormsedge

    stormsedge Friend of Leo's

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    We buy one for the big drawings every week and have for many years. It's a fun thing---"what if". We'd rather just be millionaires than megagazillionaires.

    There is a lot of good that might be done with a windfall like that...to that end, we have a strawman laying down how our LLC might look including subs for funding "charity/non-profit" type organizations...a good way to employ family members as managers, board members, etc. It is a mental exercise (perhaps in more ways than one), to be sure.
     
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  6. bgmacaw

    bgmacaw Poster Extraordinaire

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    “Certainly the game is rigged. Don't let that stop you; if you don't bet you can't win.” ― Robert A. Heinlein
     
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  7. uriah1

    uriah1 Telefied Gold Supporter

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    yes. I have to rephrase question as to why so many more folks come out for a big drawing.
     
  8. brookdalebill

    brookdalebill Tele Axpert Ad Free Member

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    I “played” for years until I began to feel like I was being played.
    I haven’t bought a lottery ticket in 15 years.
     
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  9. don71

    don71 Tele-Afflicted

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    Oh, you know why! Dream baby!
     
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  10. rickthescot

    rickthescot Tele-Afflicted

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    I think I have a better chance of striking gold on my land.
     
  11. Rocky058

    Rocky058 Tele-Afflicted

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    Because who's want to win a lousy 2 million, when ya can play for a 100?
     
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  12. northernguitar

    northernguitar Tele-Holic

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    My most annoying pet peeve, first world problem are people who take forever at the store counter to play in their tickets. Some of these folk have actual wallet carriers for their tickets. I just want some Zig-Zags, and they want to own the counter like it’s a damned casino table.
     
  13. Brad Pittiful

    Brad Pittiful Doctor of Teleocity Ad Free Member

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    what are you talking about...the odds are 50/50

    either youll win or not win!
     
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  14. Steerforth

    Steerforth Friend of Leo's

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    A state-run lottery is a tax on people who can’t do math.
     
  15. northernguitar

    northernguitar Tele-Holic

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    All lottery tickets are cheap dreams. 100 or 1000 times better is sort of irrelevant when the odds start at 1 in 450,000,000,000 (for a 7 pick, '49' ticket). Based on that, if I'm just fooling myself, I may as well dream big.
     
    Last edited: Jan 23, 2021
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  16. nojazzhere

    nojazzhere Doctor of Teleocity

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    In Texas, the bulk of Lottery proceeds are dedicated to help pay for education in the state. I buy ONE ticket once or twice a week, and view it as a "voluntary" tax, with the real "pay-off" being our students benefitting.....if I win a jackpot, that's REAL icing on the cake. ;)
     
  17. GuitLoop

    GuitLoop Tele-Meister

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    Gambling comes down to statistics. When the prize is bigger the Expected Value is bigger. In statistics Expected Value = Probability of Winning x Prize Value.

    I tend to play when the Expected value is bigger than the cost of buying a ticket.

    As others have noted the probability of winning remains the same regardless of the size of the jackpot. The odds of hitting the Powerball jackpot are 1 in 292,201,338. So when the cash jackpot is greater than 600 million the expected value is greater than the cost of entry which is 2 bucks.

    2 = 1/292m x 600m
     
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  18. Coloradotwanger

    Coloradotwanger Tele-Meister Silver Supporter

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  19. northernguitar

    northernguitar Tele-Holic

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    Same up here in Ontario. However, I can't escape having a sense that lotteries are mostly an additional (willingly paid) tax on the poor and the gambling addicted.
     
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  20. imwjl

    imwjl Poster Extraordinaire

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    There have been a few times I've bought tickets for entertainment and discussed the odds with my kids and with that tried to show them smart gambling - saving some income and investing. In all that time, I recall one instance of winning a few dollars with lottery tickets. This past week I showed them it wasn't "megabucks" but how that other sort of more educated gambling builds college savings and retirement assets.
     
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