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Author Topic: Playing the lottery?  (Read 23624 times)
RandallS
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« Reply #60: August 30, 2008, 05:36:37 pm »

The lottery is an investment, a person spends money to get money in return. Whether you agree with it or not,!

I don't think of it as an investment, but as gambling with a dollar with extremely long odds against winning. That's why I seldom play the lottery. When the jackpot is 50 or 60 million, it can be worth a buck to me for a chance to win even if the odds are 100 million to 1 against. Generally, however, it isn't worth it to me.
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« Reply #61: August 30, 2008, 05:56:20 pm »

I don't think of it as an investment, but as gambling with a dollar with extremely long odds against winning. That's why I seldom play the lottery. When the jackpot is 50 or 60 million, it can be worth a buck to me for a chance to win even if the odds are 100 million to 1 against. Generally, however, it isn't worth it to me.

Sometimes I don't play the lottery for a few days, and I then buy a ticket for one that I have a good feeling about, it has paid off, not the jackpot but still a win,

I do it for fun and if you spend wisely then you are not missing the money. My priorities are paying bills, groceries, gas for the car, if I have money left then I'll purchase lottery tickets for a draw..and win or lose I'll try my luck at a draw; Grin
« Last Edit: August 30, 2008, 05:59:59 pm by Beth libby, Reason: incorrect spelling before » Logged
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« Reply #62: August 30, 2008, 06:13:54 pm »

Sometimes I don't play the lottery for a few days, and I then buy a ticket for one that I have a good feeling about, it has paid off, not the jackpot but still a win,

I do it for fun and if you spend wisely then you are not missing the money. My priorities are paying bills, groceries, gas for the car, if I have money left then I'll purchase lottery tickets for a draw..and win or lose I'll try my luck at a draw; Grin

I really don't think you understand the difference between an investment, which is a managed risk, with an expectation of some payoff.  There is a chance you will lose everything, but the lower the return you are willing to accept, the less likely it is you will lose everything.  If I 'invested' my retirement money in the lottery, I would expect to lose it all, and be extremely surprised if I got anything back, the odds are way way way against me. 

But from this most recent statement, we are talking ENTERTAINMENT, not investment, there is a huge difference.  I expect that my investments will eventually give me more money than I put in which is why one diversifies one's investments.   This is a normal expectation for an investment (Donald Trump is not really a good investment, but even giving him your money gives you a better chance of getting something back than that lottery ticket.)  Going to a casino is entertainment when you spend money you can afford to lose, as is buying lottery tickets.  So long as you can afford to lose it, it's entertainment.  If you can't afford to lose it, it's gambling.  People who can't afford to lose the money they are using for investments are wisely advised to accept a lower risk, but even the worst of the legitmate high high risk investments is far more likely to give you a return than a lottery ticket as an investment, although I think Everfool, Randall, and I would class those investments as gambling too. 
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« Reply #63: August 30, 2008, 06:19:07 pm »

The more people who buy tickets, the bigger the pot and the less likely a person will have the number.

Actually, the odds that any individual sequence of numbers will be chosen is unchanged, what is changed is the likelyhood that you will have to share the jackpot, because with more people buying tickets, there are more chances of more than one person choosing the same set of numbers.  Wanna double your chances to win, buy two tickets with different number sequences.  Wanna guarantee you will win, buy one ticket per possible number sequence and hope that your share of the jackpot is bigger than the bill for that.
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« Reply #64: August 30, 2008, 07:10:44 pm »

....but even the worst of the legitmate high high risk investments is far more likely to give you a return than a lottery ticket as an investment, although I think Everfool, Randall, and I would class those investments as gambling too. 

They give it a fancy name ("speculation") when it is done with stocks, bonds, commodities, and the like, but such trading is really not much different than gambling with the money at a good casino, although it usually still has better odds than most lotteries.
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« Reply #65: August 30, 2008, 08:11:10 pm »

They give it a fancy name ("speculation") when it is done with stocks, bonds, commodities, and the like, but such trading is really not much different than gambling with the money at a good casino, although it usually still has better odds than most lotteries.

But even with commodities speculation, there's a real valuable asset backing that speculation -- you're just making bets on whether that value will rise or fall. Lottery tickets, OTOH, have no intrinsic value.

I suppose in some ways it's appropriate that many states use the lottery, which is a tax on people who are bad at math, to fund schools.
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« Reply #66: August 30, 2008, 08:17:45 pm »

I suppose in some ways it's appropriate that many states use the lottery, which is a tax on people who are bad at math, to fund schools.

That's how it is here in Virginia.  Sadly, the irony seems to be lost on most people.
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« Reply #67: November 02, 2008, 06:45:35 pm »

Whoo, great thread, and perfect timing as well. Just this morning, my mom comes up to me and says, all excited, "WE WON THE LOTTERY!" We were bouncing off the walls, and then my mom looks down the page, sees she won 9% (out of a 40,000,000$ jackpot) of the winnings. THEN she sees that 20,000 other people won.

We won 73 bucks.

Ah well, at least it was something.
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« Reply #68: November 02, 2008, 07:00:37 pm »

Whoo, great thread, and perfect timing as well. Just this morning, my mom comes up to me and says, all excited, "WE WON THE LOTTERY!" We were bouncing off the walls, and then my mom looks down the page, sees she won 9% (out of a 40,000,000$ jackpot) of the winnings. THEN she sees that 20,000 other people won.

We won 73 bucks.

Ah well, at least it was something.

LOL, that's a great story.  If I ever win the lottery, it would be something like that.

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« Reply #69: November 02, 2008, 08:24:03 pm »

We won 73 bucks.

That's almost 4 times the $20 I won once. Smiley
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« Reply #70: November 02, 2008, 08:49:33 pm »

That's almost 4 times the $20 I won once. Smiley

Hey, the most I think I've ever gotten is $2.  (Of course, I don't play very often.)
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« Reply #71: November 02, 2008, 09:35:59 pm »

(Of course, I don't play very often.)

Neither do I. But I got lucky once years ago and won $20.
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« Reply #72: December 26, 2008, 12:30:10 pm »



Does anyone play the lottery draws?  I am not very successful with it so far. Quite frustrating!

 Undecided
I've never played. I know there's not much chance of winning, and also, I don't think I'd know what to do if I did win. I've never been rich, so I don't think I'd know how to act if I were. Also, I think I'd hate all the media attention. I'm quite shy. If I do get media attention, I'd rather it be for my music.
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« Reply #73: December 29, 2008, 12:38:39 pm »



My husband plays the lottery every week and few years ago we were very lucky; it did help to finish pay off our car at the time. Other times we've had moderate luck, then he replays the numbers again. We usually ask birthday people (those who have birthdays coming up or just passed their birthday) choose the numbers; being in their sun signs seems to make them just a little luckier. The French lottery system is slightly different than the American one, quite hard to win, but there are chances. It's also played three times a week.
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