Lotteries, Making You Rich Or Making You Poorer?

Seems to me that lotteries are a great idea EZ2 Result Today at the same time a terrible idea. The big prize lotteries such as the classic six-ball lotto or the real blockbusters like Powerball and Mega Millions offer the chance to millions of people of winning life-changing huge prizes. Of course the odds against this happening are astronomical but the chance is there. There is no real justification for buying more than one ticket. It's just a case of being "in it to win it". For many people (most of us) this is the only chance they will ever get of becoming super-rich. On the other hand some lottery games are just a way of making poor people even poorer.

So why are some lotteries a terrible idea? I have a problem with the flood of smaller daily pools and scratch cards. Take a typical pick 3 where the prizes are fixed so no opportunities created by rollovers. Typically the odds against winning are 1000 to 1 yet the top prize is $500. This means that you can play these lotteries for years and the best you are likely to achieve is to get half your money back. Any game where the maximum prize is relatively small, not life-changing, represents very bad value with no chance whatsoever of a major upside.

How about this way of doubling your winnings? Select your numbers but instead of buying a ticket, put $1 in a moneybox at home. Do this every day and check the results. If your numbers come up, open the moneybox and collect your "prize". If not, keep up the system until you do "win". This is simple but effective. Make sure you do put the dollar in the box and, of course, keep the box in a safe place. This should only be tried for games where the prizes are small. If you do it for any length of time you will find that the amount in the box grows steadily. Eventually you will be able to take out the surplus cash for a special occasion or to transfer to a bank savings account.

It would also be highly likely to work for lotteries with large prizes but there is the chance, however small, that your numbers come up. In this case you would be hugely disappointed. This highlights the difference between lotteries with small prizes and lotteries with large prizes. Small prize lotteries are effectively a sure-fire way of halving your money. Large prize lotteries are likely to take all your money but they give you a chance, however small, of a life-changing win.

Should you avoid lotteries altogether? Some people think so. I have a different take. Lotteries that pay out very large prizes that can make a real difference to your life and the lives of friends and family have a lot to commend them. Of course, your chances of winning are very small but while you hold a ticket there burns a little flicker of hope. This is really what you are getting when you buy a lottery ticket. One ticket is all you need. If you buy more than one ticket you increase your chances but the odds against winning are still enormous.

Personally I buy only one ticket and not for every draw. I wait for rollovers. One ticket means that I am playing in hope rather than expectation. I play the lottery in the HOPE that I will get paid. I go to work in the EXPECTATION that I will get paid.

Remember the old adage "Don't give up the day job". Nevertheless you can have a bit of lottery fun and you should make sure get the most out of your fun dollar.

Created: 23/05/2022 18:24:43
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