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DEL.ICIO.USShould you bet on winning the lottery?
The Atlanta Journal-Constitution
In April, Duluth resident and retired police officer James Walker Jr., 62, traded a few bucks for a Gold Rush instant lottery ticket, at a Citgo station on Buford Highway, not far from where he lives. The exchange turned out to be pretty favorable for Walker, who won an instant cool one-million smackaroos.
In seconds, Walker acquired the kind of wealth that is usually manifested by a lifetime of hard work, sacrifice and savvy financial decisions. Walker reportedly spends at least $20 each week on lottery tickets and had predicted that he would win the lottery some day.
Then on Monday, Daniel Snoke of Lawrenceville was presented a $2.5 million check from the Gold Rush Game with a ticket he bought Friday at a Duluth Publix.
Holy Moly Batman!
Those are the words of vicarious glee I let out when I read about Georgia’s newest millionaires. My mind danced with delight at the prospect of instant affluence and the allure of a self-indulgent lifestyle that money can buy.
For a full five minutes, I savored a fantasy life as rich as Walker (and now Snoke) presumably have — thinking about how I would invest, save, share and spend my million bucks.
Finally, however, the reality and the joy of my own life enabled to me rejoin the world as I experience it — and inspired me to think critically about the lottery.
I am not a lottery aficionado, but I do play occasionally. I am most likely to play while traveling (I might have out-of-towner’s luck) or when the Power Ball jackpot is extremely high.
I probably play three or four times a year and spend a grand total of about $10 — and although I would welcome winning the lottery as much as the next player (and I know that someone has to win), I also am fully aware that the odds of me finding an escape hatch in a flash from the middle-classes to upper-class is a long-shot.
Although I am glad for Walker’s stroke of luck, I am troubled by the fact that so many are spending their hard-earned money on what is essentially a pipe dream.
The average person has more chance of being struck by lightning than buying a winning $1 million-instant lottery ticket.
What about the other salt-of-the-earth folk who are spending at least $20 each week on lottery tickets? Wouldn’t it be much better odds for them to put an extra $20 each week into their 401-K (some employers match funds) or even under their pillow? If you saved $20 each week for 52 weeks, you have an assured $1040 at the end of the year.
Is it better to save the cash that you might otherwise spend on the lottery and have a guaranteed “small fortune” each year or to take a chance that you too may have a quick big payoff like Walker and Snoke?
Which is the better bet? Or do you bet at all?
Permalink | Comments (19) | Categories: Beni Dakar
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By Kim
May 2, 2006 07:28 AM | Link to this
It costs one dollar to dream big.
By MathematicMan
May 2, 2006 08:07 AM | Link to this
Problem is, people who can’t afford it don’t just spend $1…they spend more than they can afford. Some people play the lottery but yet let their bills be late, with fees ranging from roughly $3-5 per item, which could be spent on lottery tickets. :)
Remember, the state’s not losing money on the lottery. The good thing is, the profits are going to education.
Play the lottery—as long as it doesn’t interfere with your obligations.
By KB
May 2, 2006 08:22 AM | Link to this
While the most I have ever won is $10 I play about $5-10/week because I have three kids who have all benefitted from the Lottery funded HOPE scholarships as they attended Gerogia Tech and UGA. So we have are already winners. I play so that the HOPE continues, and if I win a big payout one day, that would be OK, too.
As for other people, I am not one to judge how they entertain themselves. IMHO many people, rich and poor, waste much more money on cigarettes, beer, stereo systems and big screen TV’s, hair and nails, cars, clothes and jewelry, and Starbucks! A dollar for a lottery ticket is nothing in comparison!
As for the argument that the poor should be putting the money they spend on the lottery into a savings account, now really, if they were that smart, they wouldn’t be poor now, would they? That dollar that the welfare or earned income credit recipient is spending on a lottery ticket may be one of my tax dollars that was given to them. I approve of them spending that dollar on the lottery, as I still have 2 kids in college who have kept their HOPE.
By Elad
May 2, 2006 09:27 AM | Link to this
Lotteries are for people bad at math.
By loser
May 2, 2006 09:35 AM | Link to this
Lets say my husband played the same numbers time the big lottery is played for an entire year, let’s say he put more into it than he got out.
By Rob
May 2, 2006 10:47 AM | Link to this
The lottery is a tax on the ignorant!
It should be illegal for anyone who is on ANY sort public aid to play the lottery. Anyone who can’t afford to support themselves can’t afford to play the lottery. If those receiving handouts from the government (thus, hard working tax payes) are caught playing the lottery, thier free ride is OVER!
By mel
May 2, 2006 11:22 AM | Link to this
I get one ticket when the lotto is over 100 million. If I don’t win (and I don’t… not even $5) then it’s my donation to HOPE. If I ever do win, then that’s cool too. Like a PP said… it’s $1 to dream big.
By insmom44
May 2, 2006 12:07 PM | Link to this
playing the lottery is each persons individual decision. no one has a right to tell other people, wealthy or poor, what they should spend their money on. even if we disagree with what a person does with their money, we should not belittle or put down others. we are the most blessed nation in the world. lets stop tearing each other down and start building each other up. should you bet on winning the lottery is the question? well, if playing the lottery is consuming your life and your income and your family is suffering because of it, then you should not play the lottery, its gambling, that can become a serious problem. however if you are just buying a ticket every now and then, like i do, when the mega millions or lotto south, i can’t remember which one isn’t anymore, is over 50 million, or i just remember to get one, its not problem. however there are those, like my husband, who does not approve of playing the lottery at all. he ask me is a little gambling better than a lot. it is still gambling. and you know what he’s right…..but i still buy a one dollar ticket every now and then, i too have two kids in college and both recieved the HOPE scholarship. i won’t however be able to buy a ticket as often, about 1 time a month now, my son is about to graduate and i don’t think he will get the HOPE…LOL!!! i will certainly need that extra 12.00 a year, as i have also purchased a cheap coffee maker for my office, cause i quit paying 1.00 every day for a cup of coffee…lol!! maybe we will get him thru college yet!!! NOW THATS A BIG GAMBLE, BUT ONE I AM MAKING.
By MathematicMan
May 2, 2006 12:26 PM | Link to this
Quit trying to disguise or justify the lottery playing by saying you’re contributing to the continued success of the HOPE scholarship fund. The last figures I saw, approximately 36% of lottery revenues went to the HOPE scholarship fund. Donate your $1 to a scholarship trust, like the UNCF.
If you like playing the lottery ocassionally to dream of hitting it rich, that’s cool. Just don’t over-justify your righteousness.
By Peanut Gallery
May 2, 2006 12:33 PM | Link to this
From the GA Lottery website: “Since its first year, the Georgia Lottery Corporation has returned over $8.2 billion to the state of Georgia for education. All Georgia Lottery profits go to pay for specific educational programs including Georgia’s HOPE Scholarship Program and Georgia’s Prekindergarten Program.”
Not saying everybody plays it for the children, but I can’t stand it when people use arbitrary statistics as fact to prove his or her point. 99% of all statistics are made up.
By rosie
May 2, 2006 12:46 PM | Link to this
I do play the lottery and I win on the cash 3 a lot,I play the same numbers so you do win. I work hard for my money so I would have to clear some winnings or I would not play as much. One day I hope I win a lot of money and I have always been lucky at winning. I have no problem with donating to the Hope program……….
By MathematicMan
May 2, 2006 01:46 PM | Link to this
Not arbitrary statistics, if you’d take the time to research what I stated, you could also find out…ON THE GEORGIA LOTERRY WEBSITE, Facts and Figures page:
“The Georgia Lottery Corporation has experienced unprecedented sales and returns to education in its 12-year operation - with sales totaling $24 billion. Since its inception, the GLC has transferred more than $8.2 billion to the State Treasury’s Lottery for Education Account. “
Let’s see…8.2 / 24 ~=34.2%
If half of the lottery players played “for the children” and took their money instead and dropped it in a big collection, you’d have $12 billion for children, instead of the $8 that the Georgia Lottery “gives” us.
My statistics were not arbitrary, nor were they made up. Please take the time to research someone else’s claims BEFORE you infer that his/her claim is misleading.
By mechell
May 2, 2006 02:16 PM | Link to this
The corporate 401k is not guaranteed. Ask the working class people of Enron. It is just for fun people…that is it..fun….
By Claudette
May 3, 2006 08:07 AM | Link to this
I think it is ok to play the lottery if you can pay all of your bills.
By KB
May 3, 2006 09:34 AM | Link to this
Mathman, It’s a game, it’s entertainment, it’s a dream and it’s only a dollar! And I am happy that welfare and earned income recipients play the lottery with my tax dollars that are given to them so they can continue their parasitic lifestyles. At least they are contributing to the HOPE for my kids’ education. Over-justify our righteousness? Please tell me you aren’t serious!
By Jerome Coates
May 3, 2006 10:33 AM | Link to this
In the cartoon “Lockhorns,” she threw his losing ticket into a box with dozens of others. “What are you doing that for,” he aksed. She said, “So that when you do win, you can see how much your lose.”
The 401K suggestion is the sure way to go.
By Carol
May 4, 2006 09:29 PM | Link to this
My daughter doesn’t qualify for UNCF scholarships. She does, however, qualify for full HOPE. I’ll continue to support this fund (even if it’s only 37% of my $1); it’s a lot less than the $$ I spent when I was involved in PTA!!
By Carol
May 4, 2006 09:32 PM | Link to this
My daughter doesn’t qualify for UNCF. She does, however, qualify for full HOPE. What money I do spend on the lottery is still a whole lot less than the dollars I spent when involved in PTA!
By Sorboni
May 14, 2006 03:50 PM | Link to this
I try to look at past results to develope pick patterns. It seems to work well. There are websites that do this like http://www.pickpatterns.com.