Lottery

[JohnnyMapleLeaf]

First of all, it's more like 99.99999999999999999999999999999999% come out losers.

I think he was including the thousands of secondary winners of lesser prizes...

[CuseFan10]

I agree with Skeeeeeners, I never play that **** unless I get free scratch offs for Xmas or something.

People waste SOOOO MUCH MONEY playing the lottery, and even with all the secondary prizes, it's still like 99.99999999999999%..

Guy from South Jersey won? Birdsfan or Eagles was it you? :happy:

[Silver & Black]

i have a hard enough time winning something with a 50/50 chance...
:bitching:

[NittanyLions94]

First of all, it's more like 99.99999999999999999999999999999999% come out losers.

Second, it's a bad decision because it's not a RISK/REWARD equation. It's a RISK x Prob of Losing/REWARD x Prob of Winning equation.

Lets put it into basic numbers. Lets say you have a 1 in 100 chance of winning a certain lottery. Each time you play you pay $1. So, mathematically speaking, on average, you would have to play 100 times to win 1 time. Thats $100. So, lets say the payout of 1 win is $75. Would you play the game? The average person would have to spend $100 to win $75 in winnings. THAT is why it is a BAD DECISION.

On a side note, how much money would you (or anyone else) have if you could have back every single dollar you have ever wasted in your life?

In any sort of gambling the house odds are stacked against you. If they weren't, there wouldn't be any casinos still running. Slot machines are a huge rip off, but I still see them packed every time I set foot in a casino.

And we're not talking about winning 100 bucks. Laying 1 dollar to win $100 million when the opportunity comes up on the powerball is not going to send me to the poor house. But thanks for your concern.

[Fish2006]

Funny story - I actually heard there was a Hedge Fund a few years ago that ran through the numbers and determined that, if you could buy up all the combinations in mega millions, that above the $250 million mark or so, you could guarantee that you come out with a profit of a few million.

Of course, that presupposes:

1.) You are the only one who wins the jackpot (the winner was not the only one this time, would have broken the theory)
2.) You get the prize in a lump sum (you don't, after taxes you lose, and then, because they pay it out over time, much of the prize is paid out in future dollars, making it worth even less).

Of course, the hedge fund guy would have to be standing in the 7-11 a long time to get all the tickets required to get all the combinations :glass:

[Silver & Black]

Funny story - I actually heard there was a Hedge Fund a few years ago that ran through the numbers and determined that, if you could buy up all the combinations in mega millions, that above the $250 million mark or so, you could guarantee that you come out with a profit of a few million.

Of course, that presupposes:

1.) You are the only one who wins the jackpot (the winner was not the only one this time, would have broken the theory)
2.) You get the prize in a lump sum (you don't, after taxes you lose, and then, because they pay it out over time, much of the prize is paid out in future dollars, making it worth even less).

Of course, the hedge fund guy would have to be standing in the 7-11 a long time to get all the tickets required to get all the combinations :glass:

they actually had arrangements made all over for several people and their stacks of filled out tickets to "take over" the lottery machines at given establishments. There was one time that one of the machines went down, and they didn't get all the numbers covered. Didn't make a difference though..they got lucky!

[Skinsfan]

In any sort of gambling the house odds are stacked against you. If they weren't, there wouldn't be any casinos still running. Slot machines are a huge rip off, but I still see them packed every time I set foot in a casino.

*Most* forms of gambling have an interactive aspect to them (Betting on sports, blackjack, craps, etc). For many people, the entertainment aspect justifies the risk. What entertainment is derived from the Mega Millions? It is not interactive, at least not in the sense that you can choose your actions based on any perceived benefits.

And we're not talking about winning 100 bucks. Laying 1 dollar to win $100 million when the opportunity comes up on the powerball is not going to send me to the poor house. But thanks for your concern.

Yes, but not many people lay just 1 dollar. I was at 7-11 last night buying beer. The line was a least 10-12 people long. EVERYONE was buying mega millions tickets. Anywhere from 5-25 dollars worth. And based upon how they were dressed (several of them were construction workers, etc) you could tell they were not well off to begin with. Mega Millions runs twice a week, i think.... not too mention all of the other lotteries that go on. Your average lottory players plays much more than $1, and they play multiple times, not just once. And they keep losing. If I had to guess, I would think your average lotto players burns through several hundred dollars per year.

Look, if you want to play the lottery, knock yourself out. I have no problem with other people throwing their money away on the lottery. Lotteries support the states, and keeps my state tax bill down. Keep on keepin' on brother.

[Kevin]

I have a buddy whose father has hit 5/6 2x.

(He's played since it started)

[Horfin]

[QUOTE=NittanyLions94;6601] Laying 1 dollar to win $100 million when the opportunity comes up on the powerball is not going to send me to the poor house. QUOTE]


Nittany (not all this is directed specifically at you )

I think what Skins and a few others are saying is that this is a "poor people" tax. $1 is not going to send you to the poor house because of your income. But the lady living in subsidized housing with 4 kids, no dad to help with the kids and the only source of income is SSD or SSI at $250.00 a week income <--- it will send her to the poor house. Plus she isn't playing $1 at a time, she is playing $5 two times a week. $10 a week is equivalent to a tax of 4% tax (WEEKLY). I can guaran****in'tee that her $10 is not being re-invested into her school system...It is going to yours and mine in the subburbs. It is a clear reverse tax.

Try this one day: go to the poorer areas of your city and find a "Shop-n-Go" or a gas station that has bars on the windows. Look at the counter and how many different varieties of scratch offs they sell....compare that to one in your neck of the woods.

We have soooo many places here in the poorer areas that have 10x as many options to buy scratch offs as opposed to the "nicer" areas.

[Fish2006]

[quote=Horfin;6696]

Laying 1 dollar to win $100 million when the opportunity comes up on the powerball is not going to send me to the poor house. QUOTE]


Nittany (not all this is directed specifically at you )

I think what Skins and a few others are saying is that this is a "poor people" tax. $1 is not going to send you to the poor house because of your income. But the lady living in subsidized housing with 4 kids, no dad to help with the kids and the only source of income is SSD or SSI at $250.00 a week income <--- it will send her to the poor house. Plus she isn't playing $1 at a time, she is playing $5 two times a week. $10 a week is equivalent to a tax of 4% tax (WEEKLY). I can guaran****in'tee that her $10 is not being re-invested into her school system...It is going to yours and mine in the subburbs. It is a clear reverse tax.

Try this one day: go to the poorer areas of your city and find a "Shop-n-Go" or a gas station that has bars on the windows. Look at the counter and how many different varieties of scratch offs they sell....compare that to one in your neck of the woods.

We have soooo many places here in the poorer areas that have 10x as many options to buy scratch offs as opposed to the "nicer" areas.

I hear that. I normally dont try to get into social issues discussions on boards like that - but its true that lottery as an investment is a "regressive" tax (meaning, impacts poor more proportionatley than it does rich).

The state being in the gambling business - while outlawing that business on the internet is the biggest scam since the British Tax on Tea. They say in most states lotteries fund schools - which creates an inherent conflict of interest at school - namely, will schools educate kids on what happens when you spend all your money on lottery tickets, when it's funding is based on people (especially the poor and desperate) buying lottery tickets? Hahaha. You would have to try real hard to create a better case of irony.

[NittanyLions94]

*Most* forms of gambling have an interactive aspect to them (Betting on sports, blackjack, craps, etc). For many people, the entertainment aspect justifies the risk. What entertainment is derived from the Mega Millions? It is not interactive, at least not in the sense that you can choose your actions based on any perceived benefits.



Yes, but not many people lay just 1 dollar. I was at 7-11 last night buying beer. The line was a least 10-12 people long. EVERYONE was buying mega millions tickets. Anywhere from 5-25 dollars worth. And based upon how they were dressed (several of them were construction workers, etc) you could tell they were not well off to begin with. Mega Millions runs twice a week, i think.... not too mention all of the other lotteries that go on. Your average lottory players plays much more than $1, and they play multiple times, not just once. And they keep losing. If I had to guess, I would think your average lotto players burns through several hundred dollars per year.

Look, if you want to play the lottery, knock yourself out. I have no problem with other people throwing their money away on the lottery. Lotteries support the states, and keeps my state tax bill down. Keep on keepin' on brother.

You are using the extreme examples. I have a good job with a good income, and play sparingly. I have a better chance of losing mt ass on sporting events than $1 lottery tickets, I can assure you of that. But anything in excess isn't good. If someone is dropping $50 per week on powerball tickets, then that's a problem, and is not the norm IMO. Some people get some excitement out of it. I know my grandparents play religiously(like most old people it seems) and it is a ritual for them to sit down with the Cash5 ticket they each bought and watch the news to find out the numbers. No harm, no foul, it's clean fun for them and keeps them from arguing for 5 minutes. a


If someone wants to play the lottery now and again, who's place is it to call them dumb? What I enjoy and you enjoy may be different.

[Skinsfan]

If someone wants to play the lottery now and again, who's place is it to call them dumb? What I enjoy and you enjoy may be different.

I said it was bad decision, mathematically. And that is the truth. It's not an opinion.

[homedawg]

I said it was bad decision, mathematically. And that is the truth. It's not an opinion.

:beerbang:

[BUNK MORELAND]

Boy what a response

I was just trying to see what games people played
and if they ever hit something

wow. lottery is a touch subject to some people

i know a person that hit the lottery in florida for 7 million

He was a drunk before and he's still a drunk
actually a good friend of mine ...

[ncsucharlie]

I love playing the lotter for about 5 bucks a week. It would take divine intervention to win the jackpot, but for me it gives me a sense of excitement to imagine that I possibly could become a multi-millionaire over night.

I bought a 10 dollar ticket about a month ago, won $7 and """"re-invested"""" 7 more tickets, and won $7 again and have 7 more tickets for 2nites powerball!

Kevin if I hit the big one your annual toy drive is going to be like Toys'R'Us.

You can't WIN IT .. if you AIN'T IN IT!