Do you buy scratch off lotto tickets?
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Originally Posted by csandste
If Power Ball or another major multi state game has more money in the pot than the potential odds then I guess it could be seen as a decent investment.
Originally Posted by BMWTurboDzl
Nope. I used to buy Mega Millions and Powerball tix whenever the jackpot reached the odds of winning. For example if the odds of winning are 1:100 million. Then you play $1 whenever the jackpot reaches $100 million.
The catch is that jackpots depend on how many people are playing. Higher jackpot = more players = higher probability that you'd have to share the winnings if you won, so the expected value is actually much lower than it seems.
If Power Ball or another major multi state game has more money in the pot than the potential odds then I guess it could be seen as a decent investment.
Originally Posted by BMWTurboDzl
Nope. I used to buy Mega Millions and Powerball tix whenever the jackpot reached the odds of winning. For example if the odds of winning are 1:100 million. Then you play $1 whenever the jackpot reaches $100 million.
The catch is that jackpots depend on how many people are playing. Higher jackpot = more players = higher probability that you'd have to share the winnings if you won, so the expected value is actually much lower than it seems.
Originally Posted by ArrestMeRedZ
Originally Posted by JeffKeryk
Lotto is a tax on the poor.
Naw, it's a tax on those who are bad at math.
The last time this topic came up on a website, I called it a 'stupid' tax. Someone took offense, and edited or just removed my posts, left their own after editing them to sound more reasonable in their eyes, and locked the thread.
People don't like to hear that they are making stupid choices.
Originally Posted by JeffKeryk
Lotto is a tax on the poor.
Naw, it's a tax on those who are bad at math.
The last time this topic came up on a website, I called it a 'stupid' tax. Someone took offense, and edited or just removed my posts, left their own after editing them to sound more reasonable in their eyes, and locked the thread.
People don't like to hear that they are making stupid choices.
No. It's not available here, and I also view it as a fools tax.
I have never bought a lotto ticket in my life.
FYI I am a statistician (predictive analytics) programmer by trade.
I have been given a few tickets as gifts.
I felt like they were some kinda gambling heroin.
No thank you.
I would rather waste my money on stupid cars like old Corvettes.
FYI I am a statistician (predictive analytics) programmer by trade.
I have been given a few tickets as gifts.
I felt like they were some kinda gambling heroin.
No thank you.
I would rather waste my money on stupid cars like old Corvettes.
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I have bought a few in the past. I always forget to buy them though. My Wife did win $60k once playing Keno. That was a nice payday.
Originally Posted by sloinker
A tax on the poor and stupid. LOL
Yeah, but it is even worse.
It is preying on the the poor and uninformed.
Someone winning big is lotto's best advertising.
You want a much better bet? Try a nice no-load mutual index fund.
Just my 2 cents.
A tax on the poor and stupid. LOL
Yeah, but it is even worse.
It is preying on the the poor and uninformed.
Someone winning big is lotto's best advertising.
You want a much better bet? Try a nice no-load mutual index fund.
Just my 2 cents.
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Originally Posted by JeffKeryk
Originally Posted by sloinker
A tax on the poor and stupid. LOL
Yeah, but it is even worse.
It is preying on the the poor and uninformed.
Someone winning big is lotto's best advertising.
You want a much better bet? Try a nice no-load mutual index fund.
Just my 2 cents.
Yeah, or even the Casio. I think the scratch off and lottery games do something like a 50% payout, the Casino's do about 92-95% payout on the slots, there's a few games where if you have some skills maybe you can get above 100% but I think you have to play enough and maybe you only end up making about minimum wage. Mutual funds are a much longer term play. Still have some of the same funds I bought 20+ years ago.
Originally Posted by sloinker
A tax on the poor and stupid. LOL
Yeah, but it is even worse.
It is preying on the the poor and uninformed.
Someone winning big is lotto's best advertising.
You want a much better bet? Try a nice no-load mutual index fund.
Just my 2 cents.
Yeah, or even the Casio. I think the scratch off and lottery games do something like a 50% payout, the Casino's do about 92-95% payout on the slots, there's a few games where if you have some skills maybe you can get above 100% but I think you have to play enough and maybe you only end up making about minimum wage. Mutual funds are a much longer term play. Still have some of the same funds I bought 20+ years ago.
Originally Posted by d00df00d
Originally Posted by Mr Nice
99.9 % of the time you don't win.
The odds are much, much worse than that.
The reason lotteries exist is that they pull in MUCH more money than they give away. In other words, people are paying much more than they're winning.
If you run the numbers -- the math is easy, by the way -- two things very quickly become clear:
1. On average, the decision to buy a lottery ticket is really just a decision to make some of your hard-earned money disappear into the wallet of a stranger; and
2. In the grand scheme of things, a lottery is nothing more than a transfer of wealth from a lot of people -- usually working-class and poor people -- to a tiny number of randomly selected individuals who forfeit a lot of it to taxes and then burn the rest.
The fact that there's an occasional winner is a psychological hack. It perpetuates the illusion that "I might win this time", which blinds people to the fact that the house always wins at their expense -- or the fact that if they do win, it's more likely to make their lives worse rather than better.
So no, I don't buy lottery tickets of any kind, and I strongly discourage everyone I care about from doing so.
Overall a very good post...
Except that money disappears into.... Your government's hands...
It has been said, " a lottery is a tax on the poor"...
I believe that is correct.
Originally Posted by Mr Nice
99.9 % of the time you don't win.
The odds are much, much worse than that.
The reason lotteries exist is that they pull in MUCH more money than they give away. In other words, people are paying much more than they're winning.
If you run the numbers -- the math is easy, by the way -- two things very quickly become clear:
1. On average, the decision to buy a lottery ticket is really just a decision to make some of your hard-earned money disappear into the wallet of a stranger; and
2. In the grand scheme of things, a lottery is nothing more than a transfer of wealth from a lot of people -- usually working-class and poor people -- to a tiny number of randomly selected individuals who forfeit a lot of it to taxes and then burn the rest.
The fact that there's an occasional winner is a psychological hack. It perpetuates the illusion that "I might win this time", which blinds people to the fact that the house always wins at their expense -- or the fact that if they do win, it's more likely to make their lives worse rather than better.
So no, I don't buy lottery tickets of any kind, and I strongly discourage everyone I care about from doing so.
Overall a very good post...
Except that money disappears into.... Your government's hands...
It has been said, " a lottery is a tax on the poor"...
I believe that is correct.
Nick1994
$100 site donor 2024
Nah, I did once a few years ago on my 21st birthday. Lost my [censored].
I've been to the casino 2x or 3x I think. All together I probably lost $60 tops.
I've been to the casino 2x or 3x I think. All together I probably lost $60 tops.
If the powerball gets to some crazy number I'll play, but I limit myself to once a year and $20 max. I don't bother with scratch offs or any other lottery though.
I know the odds are at best slim to none, but meh... it's $20. On the incredibly off chance I do win "**** you" amounts of money, I'd quit my job and volunteer at a children's hospital or start my own ministry.
My parents took me to the casino when I turned 21... I haven't been back.
I know the odds are at best slim to none, but meh... it's $20. On the incredibly off chance I do win "**** you" amounts of money, I'd quit my job and volunteer at a children's hospital or start my own ministry.
My parents took me to the casino when I turned 21... I haven't been back.
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Originally Posted by Nick1994
Nah, I did once a few years ago on my 21st birthday. Lost my [censored].
I've been to the casino 2x or 3x I think. All together I probably lost $60 tops.
Not too bad. It's basically entertainment. If I go someplace, there's usually some charge for admission, even museums are like $20 or more. Or if you go to the movies etc. Just another form of mindless entertainment. A $20 here or there doesn't mean anything. If you go to dinner, you can easily drop $20-$50 on a meal.
Nah, I did once a few years ago on my 21st birthday. Lost my [censored].
I've been to the casino 2x or 3x I think. All together I probably lost $60 tops.
Not too bad. It's basically entertainment. If I go someplace, there's usually some charge for admission, even museums are like $20 or more. Or if you go to the movies etc. Just another form of mindless entertainment. A $20 here or there doesn't mean anything. If you go to dinner, you can easily drop $20-$50 on a meal.
Only buy them for myself on a completely random basis. Less than $10 a year though.
However being the shift supervisor, I do buy my shift about $10ea worth of them at Christmas. Its fun for them and really, what could $10 buy for an actual gift around the holidays. There's usually about 12 of them, so it doesn't break my bank to do it.
However being the shift supervisor, I do buy my shift about $10ea worth of them at Christmas. Its fun for them and really, what could $10 buy for an actual gift around the holidays. There's usually about 12 of them, so it doesn't break my bank to do it.
Originally Posted by Wolf359
Originally Posted by Nick1994
Nah, I did once a few years ago on my 21st birthday. Lost my [censored].
I've been to the casino 2x or 3x I think. All together I probably lost $60 tops.
Not too bad. It's basically entertainment. If I go someplace, there's usually some charge for admission, even museums are like $20 or more. Or if you go to the movies etc. Just another form of mindless entertainment. A $20 here or there doesn't mean anything. If you go to dinner, you can easily drop $20-$50 on a meal.
Yep, that's why I don't get worked up over this. I think scratch-offs are a complete waste, and lotto isn't much better, but so is buying soda, or heck having a beer. Or buying a ticket to watch a movie. Entertainment in general is just wasting time--and usually money--but if we budget for it, is it really a waste? We buy a good time, and perhaps that has value in itself. Short term value, but still something of value.
Originally Posted by Nick1994
Nah, I did once a few years ago on my 21st birthday. Lost my [censored].
I've been to the casino 2x or 3x I think. All together I probably lost $60 tops.
Not too bad. It's basically entertainment. If I go someplace, there's usually some charge for admission, even museums are like $20 or more. Or if you go to the movies etc. Just another form of mindless entertainment. A $20 here or there doesn't mean anything. If you go to dinner, you can easily drop $20-$50 on a meal.
Yep, that's why I don't get worked up over this. I think scratch-offs are a complete waste, and lotto isn't much better, but so is buying soda, or heck having a beer. Or buying a ticket to watch a movie. Entertainment in general is just wasting time--and usually money--but if we budget for it, is it really a waste? We buy a good time, and perhaps that has value in itself. Short term value, but still something of value.
Originally Posted by supton
Originally Posted by Wolf359
Originally Posted by Nick1994
Nah, I did once a few years ago on my 21st birthday. Lost my [censored].
I've been to the casino 2x or 3x I think. All together I probably lost $60 tops.
Not too bad. It's basically entertainment. If I go someplace, there's usually some charge for admission, even museums are like $20 or more. Or if you go to the movies etc. Just another form of mindless entertainment. A $20 here or there doesn't mean anything. If you go to dinner, you can easily drop $20-$50 on a meal.
Yep, that's why I don't get worked up over this. I think scratch-offs are a complete waste, and lotto isn't much better, but so is buying soda, or heck having a beer. Or buying a ticket to watch a movie. Entertainment in general is just wasting time--and usually money--but if we budget for it, is it really a waste? We buy a good time, and perhaps that has value in itself. Short term value, but still something of value.
Is throwing $20 away really comparable to spending it on food? Is all entertainment really a waste of time?
If so, doesn't that mean a change of priorities is in order?
Originally Posted by Wolf359
Originally Posted by Nick1994
Nah, I did once a few years ago on my 21st birthday. Lost my [censored].
I've been to the casino 2x or 3x I think. All together I probably lost $60 tops.
Not too bad. It's basically entertainment. If I go someplace, there's usually some charge for admission, even museums are like $20 or more. Or if you go to the movies etc. Just another form of mindless entertainment. A $20 here or there doesn't mean anything. If you go to dinner, you can easily drop $20-$50 on a meal.
Yep, that's why I don't get worked up over this. I think scratch-offs are a complete waste, and lotto isn't much better, but so is buying soda, or heck having a beer. Or buying a ticket to watch a movie. Entertainment in general is just wasting time--and usually money--but if we budget for it, is it really a waste? We buy a good time, and perhaps that has value in itself. Short term value, but still something of value.
Is throwing $20 away really comparable to spending it on food? Is all entertainment really a waste of time?
If so, doesn't that mean a change of priorities is in order?
Originally Posted by d00df00d
Is throwing $20 away really comparable to spending it on food? Is all entertainment really a waste of time?
If so, doesn't that mean a change of priorities is in order?
Is all entertainment a waste? Dunno, you tell me, what do you retain after watching an action flick? or a ballet, or listening to a concert. Or reading bit of good fiction. I do those things for enjoyment, but I don't consider it "adding" something to me. I enjoy them, so I guess it has value to me--but it doesn't increase my net worth, that's for sure. So I do them sparingly, and with the knowledge that it's money out of my wallet.
Is throwing $20 away really comparable to spending it on food? Is all entertainment really a waste of time?
If so, doesn't that mean a change of priorities is in order?
Is all entertainment a waste? Dunno, you tell me, what do you retain after watching an action flick? or a ballet, or listening to a concert. Or reading bit of good fiction. I do those things for enjoyment, but I don't consider it "adding" something to me. I enjoy them, so I guess it has value to me--but it doesn't increase my net worth, that's for sure. So I do them sparingly, and with the knowledge that it's money out of my wallet.
Originally Posted by d00df00d
Originally Posted by supton
Originally Posted by Wolf359
Originally Posted by Nick1994
Nah, I did once a few years ago on my 21st birthday. Lost my [censored].
I've been to the casino 2x or 3x I think. All together I probably lost $60 tops.
Not too bad. It's basically entertainment. If I go someplace, there's usually some charge for admission, even museums are like $20 or more. Or if you go to the movies etc. Just another form of mindless entertainment. A $20 here or there doesn't mean anything. If you go to dinner, you can easily drop $20-$50 on a meal.
Yep, that's why I don't get worked up over this. I think scratch-offs are a complete waste, and lotto isn't much better, but so is buying soda, or heck having a beer. Or buying a ticket to watch a movie. Entertainment in general is just wasting time--and usually money--but if we budget for it, is it really a waste? We buy a good time, and perhaps that has value in itself. Short term value, but still something of value.
Is throwing $20 away really comparable to spending it on food? Is all entertainment really a waste of time?
If so, doesn't that mean a change of priorities is in order?
It doesn't sound like anyone here is addicted to it and spends hundreds or thousands of dollars on it. So there's nothing wrong with an occasional purchase. I do know of a few people that play them to extreme. One neighbor of mine told me he won 5k once on a scratch ticket. But I knew that probably meant he spent way more than that to win that 5k. He used to play all the time, I'd go look for him once in a while and his wife would say he's off to the store to buy a ticket. Evicted a tenant once who had a big box filled with used scratch tickets. I guess they were saving them in case they hit and could deduct it from their winnings. Of course if they had used the money to pay the rent, I wouldn't have had to evict them.
Originally Posted by supton
Originally Posted by Wolf359
Originally Posted by Nick1994
Nah, I did once a few years ago on my 21st birthday. Lost my [censored].
I've been to the casino 2x or 3x I think. All together I probably lost $60 tops.
Not too bad. It's basically entertainment. If I go someplace, there's usually some charge for admission, even museums are like $20 or more. Or if you go to the movies etc. Just another form of mindless entertainment. A $20 here or there doesn't mean anything. If you go to dinner, you can easily drop $20-$50 on a meal.
Yep, that's why I don't get worked up over this. I think scratch-offs are a complete waste, and lotto isn't much better, but so is buying soda, or heck having a beer. Or buying a ticket to watch a movie. Entertainment in general is just wasting time--and usually money--but if we budget for it, is it really a waste? We buy a good time, and perhaps that has value in itself. Short term value, but still something of value.
Is throwing $20 away really comparable to spending it on food? Is all entertainment really a waste of time?
If so, doesn't that mean a change of priorities is in order?
It doesn't sound like anyone here is addicted to it and spends hundreds or thousands of dollars on it. So there's nothing wrong with an occasional purchase. I do know of a few people that play them to extreme. One neighbor of mine told me he won 5k once on a scratch ticket. But I knew that probably meant he spent way more than that to win that 5k. He used to play all the time, I'd go look for him once in a while and his wife would say he's off to the store to buy a ticket. Evicted a tenant once who had a big box filled with used scratch tickets. I guess they were saving them in case they hit and could deduct it from their winnings. Of course if they had used the money to pay the rent, I wouldn't have had to evict them.
Originally Posted by d00df00d
Originally Posted by csandste
If Power Ball or another major multi state game has more money in the pot than the potential odds then I guess it could be seen as a decent investment.
Originally Posted by BMWTurboDzl
Nope. I used to buy Mega Millions and Powerball tix whenever the jackpot reached the odds of winning. For example if the odds of winning are 1:100 million. Then you play $1 whenever the jackpot reaches $100 million.
The catch is that jackpots depend on how many people are playing. Higher jackpot = more players = higher probability that you'd have to share the winnings if you won, so the expected value is actually much lower than it seems.
For sure but you can account for that and wait until the jackpot reaches twice the odds of winning. It's extremely rare to have more than two winners when the jackpots reach $300 MM plus. And for $1 play that's done maybe 2-3 times a year, it's not like it really matters in the grand scheme of things anyways.
Originally Posted by csandste
If Power Ball or another major multi state game has more money in the pot than the potential odds then I guess it could be seen as a decent investment.
Originally Posted by BMWTurboDzl
Nope. I used to buy Mega Millions and Powerball tix whenever the jackpot reached the odds of winning. For example if the odds of winning are 1:100 million. Then you play $1 whenever the jackpot reaches $100 million.
The catch is that jackpots depend on how many people are playing. Higher jackpot = more players = higher probability that you'd have to share the winnings if you won, so the expected value is actually much lower than it seems.
For sure but you can account for that and wait until the jackpot reaches twice the odds of winning. It's extremely rare to have more than two winners when the jackpots reach $300 MM plus. And for $1 play that's done maybe 2-3 times a year, it's not like it really matters in the grand scheme of things anyways.
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