How many people here buy lottery tickets?

[fe2o3ez]

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]

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]

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]

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]

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]

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.

[disneysteve]

I buy the scratch off tickets and give them with cards on birthdays in addition to the gift I am giving.

We've discussed this before. Personally, I hated when people do this. I appreciate the thought and the gift but if you are going to give me something, give me something that actually has value. What value is there in handing me 5 instant lottery tickets that end up winning me nothing? We have a patient who does this every year and while I totally respect that she thought enough of us to give us gifts, I'd rather get a $5 Dunkin Donuts gift card that I can actually buy something with.

[flipyourdebt]

I don't buy lottery tickets.

[PRICEPLUS]

We've discussed this before. Personally, I hated when people do this. I appreciate the thought and the gift but if you are going to give me something, give me something that actually has value. What value is there in handing me 5 instant lottery tickets that end up winning me nothing? We have a patient who does this every year and while I totally respect that she thought enough of us to give us gifts, I'd rather get a $5 Dunkin Donuts gift card that I can actually buy something with.

Well Steve it is sort of a tradition in my family. Once in a blue moon lottery tickets are a good deal of fun as one never knows if one will win. I suppose it is a matter of personal preference.

[kv968]

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.

Not that I'm advocating anyone "betting" on the stock market, but just adding to KTP's train of thought with Microsoft options...

With Microsoft currently trading at $31.48, the Mar $32 call options are selling for $0.32 (or $32/contract) with a 21.4% chance of being above that before expiration using current implied volitility for that option.
The Mar $34 call is selling for $0.04 (or $4/contract) and has a 0.06% chance of being above that.

I imagine at least the $34 call will be expire worthless since that's some pretty low odds, but they're still slightly better than the 0.0000000000057% chance of winning the Powerball

Again, not saying people should bet on the stock market, but the odds are a whole lot better. With that said, I'll still probably buy a Powerball ticket if I happen to notice it getting up there

[glycemic]

Have to admit my wife is guilty on this one. She loves scratch tickets. Though she loses she actually isn't far from break even and it keeps her happy. A price for everything...

[mom-from-missouri]

Never have bought one, nor have I gambled. I don't buy raffle tickets either, or go out to play Bingo.

Husbands workplace sometimes has the Christmas dinner at a casino (only place around big enough--they have over 20,000 employees at this location, so break into several dinners over the course of the week to get all employees and spouses), and we are all given chips. We go and cash them in, and that usually nets enough 2 movie tickets at the casino theatre, so that has been our routine. Often others leave their chips on their tables after the dinner, so we pick theirs up as well. The chips are special chips that are only good for my husbands company, so can't really pass them on to others in the casino as when you cash them in they ask for a company id.