How many people here buy lottery tickets?

[krantcents]

In California, there has been a lottery for approximately 25 years. I think I have spent no more than $20 during the entire time. I usually play when the prize is above $50 million. I will buy one ticket ($1), because that is all I am willing to lose.

[smith121]

I never purchased any lottery tickets yet and don't have any idea between all the these terms of lotto and other. Please give me some info on it who used to play it.

[phantom]

I generally don't buy lottery tickets, reasoning that buying a ticket would not significantly increase my odds of winning. I know that technically one chance in a million is better than no chance, but they register the same on my chance meter. I like to think I've saved a couple hundred dollars by never getting together with a group of people at work when the get together to buy a bunch of tickets because the jackpot has hit some really high number.

I do have a weakness for scratch off tickets though. My grandma has been putting them in cards for me since I was a kid. When I was younger and a dollar had a bigger impact on my financial world, I would complain to my mom that I would rather just have the money. But, now that I'm an adult with my own income, and I don't mind missing out on dollar as much, I think the scratch offs are a good idea on my grandma's part. She gets an extra phone call from me when I call to tell her the result of the scratch off, and it makes her really happy when I actually win something.

[disneysteve]

Kind of a funny story...

I was at the casino last week. I sat down at a three card poker table, bought my chip's and put down my first bet. There is a bonus bet in that game that has lousy odds but big payouts (top payout is $1 million on a $5 bet). I did not make the bonus bet. The dealer stopped before dealing the hand to make sure I didn't forget my bonus bet since I was the only player at the table not doing it. I told him I didn't want to. He asked, "Do you play the lottery?" and I said no. He wasn't pushing it but wanted to make sure I knew what I was doing.

As it turned out, there were probably 2 or 3 hands during the whole time I was playing where I would have gotten a payout on the bonus bet and lots of hands when I wouldn't have. I wouldn't have come out ahead. Playing as I did, the more conservative way, I sat down with $200 and walked away with $380. I was okay with that.

[fe2o3ez]

Originally Posted by NetSkyBlue

I bought 3 lottery tickets this year. I'll buy one, maybe, if it goes over 200 million, then spend the day dreaming about all the things I'd be able to do if I won. Obviously I haven't won, but it's still a good time.

Yep. I only buy tickets after the pot reaches about $150MM or more. Because, you know, the $150MM/$5 return would mean more to me than a $40MM/$5 return, right? Only buy when it is convenient, though. Usually with others in the office.

[thekid]

I never understood why people would spend any significant amount of money to buy lottery tickets. The odds of winning remain for all practical purpuses unchanged whether you buy one ticket or a hundred or a thousand for that matter. It's a horrible way to spend any amount of money. You are statistically pretty much GARANTEED to never win the jackpot.

A dollar here or there if it entertains somebody is fine. It's like buying a soda or whatever. It's a little self endulging expense here or there. But there is no reason to actually buy more than one.

[thekid]

Originally Posted by fe2o3ez

Yep. I only buy tickets after the pot reaches about $150MM or more. Because, you know, the $150MM/$5 return would mean more to me than a $40MM/$5 return, right? Only buy when it is convenient, though. Usually with others in the office.

This is another common practice that I don't understand. Is 50M$ not enough for you? With respect, I think the reasoning is off a bit. Any multi-million jackpot would be worth it. It's not the amount of the payoff that's the problem, it's the almost nil probability of winning.

[bjl584]

Originally Posted by thekid

This is another common practice that I don't understand. Is 50M$ not enough for you? With respect, I think the reasoning is off a bit. Any multi-million jackpot would be worth it. It's not the amount of the payoff that's the problem, it's the almost nil probability of winning.

I rarely play the lottery. The only time I do is when everyone at work throws in $5 in a pool and buys tickets. The only time that an office pool for lottery tickets takes place is when the jackpot gets high, like $200 million or more. So, by me just follwing the herd and playing along with my coworkers, the only time that I buy lottery tickets is when everyone else happens to be. Which happens to be when the jackpot is high. To me $10 million would be no different really than $200, but I only happen to play when it's $200. So, I can see where the other poster is coming from. It's not about odds, it's just about when everyone at the office starts to play. Bigger jackpots entice people to play.

[thekid]

Originally Posted by bjl584

I rarely play the lottery. The only time I do is when everyone at work throws in $5 in a pool and buys tickets. The only time that an office pool for lottery tickets takes place is when the jackpot gets high, like $200 million or more. So, by me just follwing the herd and playing along with my coworkers, the only time that I buy lottery tickets is when everyone else happens to be. Which happens to be when the jackpot is high. To me $10 million would be no different really than $200, but I only happen to play when it's $200. So, I can see where the other poster is coming from. It's not about odds, it's just about when everyone at the office starts to play. Bigger jackpots entice people to play.

I do the same. Contribute a $20 once a year or whatever when somebody sets up a pool at work. It's more a "part of the team" expense than anything. I think playing for "fun" is fine. It's when one starts playing to win that problems come up. We should take it as a given that we will never win and treat it accordingly. My comment was with regards to the common reasoning that it's somehow more "worth it" when the jackpot is larger. It's not. The odds remain unchanged and at their level that's the only issue worth any consideration. It's a little cognitive mistake that loto operators exploit to sell more tickets.

[disneysteve]

Originally Posted by thekid

The odds remain unchanged

In fact, in a way, the odds are actually better when the jackpot is lower. The odds of your particular numbers coming out remain the same but the higher the jackpot, the more tickets get sold and the higher the chances that there will be more than one winner. So you could end up winning but having to split that big jackpot (not that that would be such a bad thing ).

[thekid]

Originally Posted by disneysteve

In fact, in a way, the odds are actually better when the jackpot is lower. The odds of your particular numbers coming out remain the same but the higher the jackpot, the more tickets get sold and the higher the chances that there will be more than one winner. So you could end up winning but having to split that big jackpot (not that that would be such a bad thing ).

lol, fantastic.

researching ticket sales stats, bet you can find a "sweet spot" where your earning (non)potential is usually maxed!

[fe2o3ez]

Originally Posted by thekid

This is another common practice that I don't understand. Is 50M$ not enough for you? With respect, I think the reasoning is off a bit. Any multi-million jackpot would be worth it. It's not the amount of the payoff that's the problem, it's the almost nil probability of winning.

You are correct. I was essentially poking fun at myself for that very reason. I'm not sure where my reasoning originally came from. Intuitively, I know the statistical probabilities are actually worse, given the increased visibility and participation... I'll just pass it on as an occasional irrational indulgence. Kinda like cheesecake (and probably less expensive).

[kv968]

Originally Posted by disneysteve

As it turned out, there were probably 2 or 3 hands during the whole time I was playing where I would have gotten a payout on the bonus bet and lots of hands when I wouldn't have. I wouldn't have come out ahead. Playing as I did, the more conservative way, I sat down with $200 and walked away with $380. I was okay with that.

Not only did you walk away ahead, I'm sure you spent a lot more time at the table than had you been playing the "bonus" bets.

[disneysteve]

Originally Posted by fe2o3ez

I know the statistical probabilities are actually worse, given the increased visibility

I think the increased visibility is exactly what attracts more people to play moreso than the higher jackpot. When the prize gets large, they talk about it on the news. People are talking about it at work. You notice the billboards more as you pass by. It just puts it on your radar when normally it isn't. Sure, I'd be thrilled to win $1 million but I pay no attention to the lottery at that point. But when I hear on the radio on my way to work that it is up to $300 million, it gets my attention.

[GREENBACK]

Originally Posted by bjl584

The only time I do is when everyone at work throws in $5 in a pool and buys tickets. The only time that an office pool for lottery tickets takes place is when the jackpot gets high, like $200 million or more.

I don't work in an office setting but will sometimes through in if a friend or someone else in an office pool offers it to me. I hate the thought that the one time I turn the offer down will be the one time someone around me hits it and I OPTED OUT!

[thekid]

Originally Posted by GREENBACK

I don't work in an office setting but will sometimes through in if a friend or someone else in an office pool offers it to me. I hate the thought that the one time I turn the offer down will be the one time someone around me hits it and I OPTED OUT!

A coworker of mine never participates, claiming he'll get the VP spot when we all retire millionnaires.

[PRICEPLUS]

I buy the scratch off tickets and give them with cards on birthdays in addition to the gift I am giving. Folks have a lot of fun but the odds of winning are very small indeed. A little fun and diversion is harmless from time to time but I can't see doing it on a regular basis. I also watched a show a few months back that said the majority of big jackpot winners end up broke. I really wonder if that is true?

[KTP]

It makes much much much more sense to do your gambling in the stock market than buying lottery tickets. The real reason for this is taxes. Gambling losses are only deductable up to winnings, and only if you itemize. Stock losses on the other hand are fully deductable and you can even deduct $3000 of losses against other income.

Ah, but you say you can't find the odds on the stock market that you can with lottery ticks. Well, that may be true with the big jackpots, but if you really have the get rich quick mentality, you can do penny option trades for some pretty impressive returns.

Recently on Microsoft, Feb $31 call options were selling for $0.01 (this was about a week before expiration when Microsoft was $29.60 or something). Microsoft jumped up to $31.45 and those options had a one day gain of 4700%. For a $50 investment using the free trades at optionshouse, you could have turned $50 into $2350. I have no idea how to calculate the odds on this trade, but dollars to donuts it was better than any scratch ticket.

[Mjenn]

When I lived in the States I would pick up a Megamillions or what ever ticket, now and then, for 1. Mostly because it was juts one dollar, and hey, wouldn't it be funny if?

Since I moved to Europe, the lottery tickets where I live start at about 7 dollars - too much for me to just 'throw away' I mean I get disappointed when my 1 dollar ticket doesn't win

This Christmas we looked into getting the advent calendar the local lottery put out, because we thought it would be fun. It cost almost 100 dollars. I thought that was insane and did not get it. I mean, if it cost 20 I might not feel bad if I didn't win, but at 100 dollars I would be po'd if I didn't win at least 150.

[thekid]

Originally Posted by PRICEPLUS

I buy the scratch off tickets and give them with cards on birthdays in addition to the gift I am giving. Folks have a lot of fun but the odds of winning are very small indeed. A little fun and diversion is harmless from time to time but I can't see doing it on a regular basis. I also watched a show a few months back that said the majority of big jackpot winners end up broke. I really wonder if that is true?

Just saw a quip by coincidence on tv yesterday that said 33% of lotto jackpot winners end up filing for bankruptcy within 5 years. I have no idea if that's acurate, but it doesn't seem surprising to me. You need alot of self control and, mostly, to know how to handle money to make it last foreever...i'd assume most winners would just think they have an endless supply of money and manage in an unsustainable manner.