Matched 5/7 on the Lottery today... :D

[Evascythe]

Re: Matched 5/7 on the Lottery today...

Why do people even buy lottery tickets? -.-

The odds of winning are less than the odds of dying on the way to the 7-11.

probably for the chance of winning 50 mil

[JohnRedWolf87]

Re: Matched 5/7 on the Lottery today...

Why do people even buy lottery tickets? -.-

The odds of winning are less than the odds of dying on the way to the 7-11.

[customstuff]

Re: Matched 5/7 on the Lottery today...

Nice! My uncle won about $77,000 a year or two ago, but he wasn't doing that great financially so it definitely helped out.

[DotKritic]

Re: Matched 5/7 on the Lottery today...

At least here in Michigan, the profit from lottery tickets goes to a good cause: Michigan schools. So either way, you win.

I think that's the same in all states that offer the lottery.

[GuidoHunter]

Re: Matched 5/7 on the Lottery today...

I think that's the same in all states that offer the lottery.

"For the schools" is how it's usually advertised, but ultimately states rarely benefit from having it.

My uncle won a cool mil on a scratchoff a couple of years ago. I'm not sure how much he lost over the years playing it, but that one win at least made up for it.

I usually drop about $25 on scratchoffs at Christmas with my cousins and maybe $2 during the year if there's an especially high powerball or something.

--Guido

[DotKritic]

Re: Matched 5/7 on the Lottery today...

I usually drop about $25 on scratchoffs at Christmas with my cousins and maybe $2 during the year if there's an especially high powerball or something.

I set aside $20 per paycheck that I use on lottery - whether it be scratch offs, lotto, or both.

My minimums on when to play the lotto:
Texas Two Step: $500,000 (play starts at $250,000)
Lotto Texas: $10 mil (play starts at $5 mil)
Mega Millions: $100 mil (play starts at $12 mil)
Powerball: $100 mil (play starts at $40 mil)

I started doing that so I would spend game after game.

[PaperclipGames]

Re: Matched 5/7 on the Lottery today...

Logically speaking it is unwise to put money into a lottery because the expected outcome is strictly less than the money you put into it.

Basically, you have huge odds of losing a fair amount of money, and an incredibly small chance of winning a really high amount of money. In almost all of the cases, you lose.

In the 24 ball thing where if you pick all 12 or none of the 12, and you gain $250k if you get it right, but lose $2 if you get it wrong, I calculated that the expectation value of one lottery draw is about -$1.82 (in other words, the expectation value of the draw itself is a measly $0.18). You are predicted to win less than a tenth of your input.

There are certainly lotteries with a much better ratio. Then again, I assume that in this 24 ball game there are also other prizes that you can win with other combinations.

[dAnceguy117]

Re: Matched 5/7 on the Lottery today...

people who think buying lottery tickets is a great investment definitely do not understand how things work.

but what about buying them for entertainment? if that's not worth spending on, then the only worthy expenditures are food and shelter.

that said, I've never bought a lottery ticket haha. casinos are my jam.

[DotKritic]

Re: Matched 5/7 on the Lottery today...

There are certainly lotteries with a much better ratio. Then again, I assume that in this 24 ball game there are also other prizes that you can win with other combinations.

0 or 12/12: $250,000
1 or 11/12: $500
2 or 10/12: $50
3 or 9/12: $10
4 or 8/12: $2

[ilikexd]

Re: Matched 5/7 on the Lottery today...

I set aside $20 per paycheck that I use on lottery - whether it be scratch offs, lotto, or both.

My minimums on when to play the lotto:
Texas Two Step: $500,000 (play starts at $250,000)
Lotto Texas: $10 mil (play starts at $5 mil)
Mega Millions: $100 mil (play starts at $12 mil)
Powerball: $100 mil (play starts at $40 mil)

I started doing that so I would spend game after game.

why do you do that?

[DotKritic]

Re: Matched 5/7 on the Lottery today...

why do you do that?

Why do I wait?

[ilikexd]

Re: Matched 5/7 on the Lottery today...

Why do I wait?

well either that, or why do you reduce every paycheck you make by around $20

[SK8R43]

Re: Matched 5/7 on the Lottery today...

people who think buying lottery tickets is a great investment definitely do not understand how things work.

but what about buying them for entertainment? if that's not worth spending on, then the only worthy expenditures are food and shelter.

that said, I've never bought a lottery ticket haha. casinos are my jam.

Scratch offs are great and definitely worth buying AT LEAST ONCE to see what your luck is. If its good then keep buying, if not then stop if you please. Just saying this because buying scratch offs CAN BE a good investment.
I personally usually win more than i pay, hell ive even won $30 on a 2 dollar ticket.

[ilikexd]

Re: Matched 5/7 on the Lottery today...

Scratch offs are great and definitely worth buying AT LEAST ONCE to see what your luck is.

how is it worth buying at least one if every one has a negative expected value?

If its good then keep buying, if not then stop if you please.

each lottery ticket has an independent outcome so that's not a valid strategy

Just saying this because buying scratch offs CAN BE a good investment.

can you give conditions where it CAN BE a good investment? besides the obvious where your chance of winning * how much you win > cost of the ticket

[PaperclipGames]

Re: Matched 5/7 on the Lottery today...

To me, gambling in this way is like, throwing away money. There is some chance you'll turn out making profit, but those chances are too low to consider.

If you want to gamble, do it in some game that involves any sort of strategy. Go to the casino and play poker or blackjack.