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Texas Lottery introduces $50 scratch ticket

Topic closed. 31 replies. Last post 10 years ago by KY Floyd.

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Coastal Georgia
United States
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October 30, 2003
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Posted: May 7, 2007, 7:09 pm - IP Logged

Sounds like these lottery tickets would be excellent candidates for a lottery pool investment.  It's not unusual for players to form a lottery pool to buy $50 worth of lottery tickets.

Now that's the ticket, pardon the pun...

 

                               

              

 

 

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    Coastal Georgia
    United States
    Member #2653
    October 30, 2003
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    Posted: May 7, 2007, 7:10 pm - IP Logged

    The most i am willing to spend on a scratcher is 10 dollars and that's if the jackpot is 200+ millions....

    Which is what i think they should do..If they are going to charge 50 dollars the jackpot better be 800+ million dollars....

     

     

    "The Truth is Out There....."                            from movie "The X-Files"

    Dream on.......

     

                                   

                  

     

     

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      Raleigh, NC
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      June 9, 2006
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      Posted: May 7, 2007, 7:26 pm - IP Logged

      I don't think the fact that the lottery is a bad deal is really a 'news flash' to anyone, especially those on sites such as these.  People play for the dream of winning 'easy money' or 'the big score'.

        Think's avatar - lightbulb
        Marquette, MI
        United States
        Member #20541
        August 20, 2005
        722 Posts
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        Posted: May 8, 2007, 10:54 am - IP Logged

        Well, Michigan isn't having any touble selling $50 tickets.  Half the raffle tickets sold the first day.  That is 125,000 times $50!  I wonder if they thought about the impact on the economy and the impact on other taxes.  50 bux is a tank of gas that did not get pumped and they did not collect tax on to fix the roads.  50 bux is a dinner out that some restaraunt did not get and did not need a minimum wage employee for.

        Why do they think they cant sell $2 tickets for the regular jackpot games ($1 for the regular prize structure and the other $1 to pump up the jackpot) .  If they are selling this many 50 buck tickets?

        Has anyone seen any studies on 50 dollar tickets and their impact on other taxes and the economy?

          Guru101's avatar - rw6jhh
          Indiana
          United States
          Member #48725
          January 7, 2007
          1958 Posts
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          Posted: May 8, 2007, 5:57 pm - IP Logged

          The most i am willing to spend on a scratcher is 10 dollars and that's if the jackpot is 200+ millions....

          Which is what i think they should do..If they are going to charge 50 dollars the jackpot better be 800+ million dollars....

           

           

          "The Truth is Out There....."                            from movie "The X-Files"

          Green laugh

          Gonna win.Big Smile

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            New Member

            United States
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            May 1, 2007
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            Posted: May 8, 2007, 5:57 pm - IP Logged

            Once, the biggest dreams in Texas only cost a buck.

            Now, Texas Lottery officials are upping the ante on instant miracles to $50.

            That's the price of the state's newest scratch-off game, dubbed $130 Million Spectacular, which goes on sale Monday and offers nearly $134 million in prizes, including three grand prizes of $5 million.

            A $50 game is the highest price for a scratch-off in the nation, according to lottery data. Kansas introduced the first $50 ticket two years ago and Michigan also will launch one on Monday. Compare that to California, where the most expensive scratch-off ticket is $5. In New York, it's $20.

            Officials in Texas evidently believe their new game will do well; they're printing 3.7 million of the $50 tickets and are planning to soon introduce a second $50 game.

            Keith Whyte, executive director of the National Council on Problem Gambling, said the introduction of higher-priced games reflected an arms race among states for gambling dollars.

            After Texas voters approved the creation of the state lottery, tickets for the agency's first game - a scratch-off called Lone Star Millions - sold for $1 apiece. Players now choose among online games and 80 or so popular scratch-offs, which have become the agency's meat and potatoes, generating $2.8 billion in sales last year.

            The agency offered its first $3 scratch-off in 1997. By 2000, it had a $10 game; a $20 game in 2002 and a $30 game in 2004. Last year, $1 scratch-off tickets accounted for just 11 percent of all scratch-off sales, while nearly a third came from tickets priced between $10 and $30.

            The $50 game comes with a 63 percent chance of losing.

            Those odds won't deter Mike Swain, 44, a driver for a moving company who picked up $4 worth of scratch-offs in East Austin this week.

            "I'll try it. I definitely could try it once. Sometimes I have $50 extra," he said.

            Swain, who estimates taking home between $1,800 and $2,000 a month, said he plays scratch-off games daily, plopping down $4 to $6 at a time.

            Gerald Busald, a math professor at San Antonio College who analyzes lottery practices, had this advice for those itching to wager 50 bucks on a single ticket: Don't.

            "You can have the same dream for $1 that you can for $20 or $30 or $50," he said. "You're not going to win."

            Of course, it's the exceptions that fuel the dreams that last year pulled in a cool $3.8 billion from all the Texas lottery games. If all tickets to the new game were sold, state coffers would net $51 million after the commission pays out $134 million in prizes.

            Before launching the $50 game, the Lottery Commission surveyed frequent scratch-off players to find out how much they'd be willing to gamble in one shot. The survey didn't examine customer income levels to learn the demographics of likely $50 players, and it didn't examine how the games might affect problem gamblers.

            "Scratch-off tickets are an impulse purchase and $50 is a lot of money for the state to have its citizens wager on an impulse," said Rob Kohler, a lobbyist for the Christian Life Commission, an arm of the Baptist General Convention of Texas, which opposes gambling.

            Robert Heith, a spokesman for the Texas Lottery Commission, said the agency has one overriding mission: "What we do is run a business for the state of Texas. ... We have to produce products that our players want to purchase."

            William Scott, 64, a custodian in Austin who works two jobs and said he often spends $120 a day on lottery games, is eager to try his luck on the $50 game. "I play all of them."

            Serious Scratch

            Some facts and figures from the Texas Lottery Commission's new $50 scratch-off game, called "$130 Million Spectacular."

            • Total prizes: $134 million
            • Number of prizes worth at least $1 million: 9
            • Number of prizes worth at least $1,000: 5,700

            Odds of winning

            $5 million 1 in 1.2 million 
            $1 million 1 in 618,000 
            $50,000 1 in 185,000 
            $1,000 1 in 866 
            $500 1 in 300 
            $100 1 in 20 
            $50 1 in 6.7 
            • Odds of playing the game and losing: 63%
            • Odds of playing and either breaking even or losing: 77%

            Other big scratch-off games introduced in Texas

            • 2002: $20 Holiday Million
            • 2004: $25 Run The Table
            • 2004: $30 Holiday Millions Wishes

            WHAT!! The Custodian spends $120 A DAY on lottery tickets???? This guy is nuts!!!!

              justxploring's avatar - villiarna
              Wandering Aimlessly
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              Posted: May 9, 2007, 2:21 am - IP Logged

              WHAT!! The Custodian spends $120 A DAY on lottery tickets???? This guy is nuts!!!!

              Good catch!  I read it and let it go right over my head.  He has 2 jobs, so one of them must be so he can buy lottery tickets. 

               

              William Scott, 64, a custodian in Austin who works two jobs and said he often spends $120 a day on lottery games, is eager to try his luck on the $50 game. "I play all of them."

                KyMystikal's avatar - 1457224010054
                Florence, Alabama
                United States
                Member #8658
                November 13, 2004
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                Posted: May 9, 2007, 10:42 am - IP Logged

                Good catch!  I read it and let it go right over my head.  He has 2 jobs, so one of them must be so he can buy lottery tickets. 

                 

                William Scott, 64, a custodian in Austin who works two jobs and said he often spends $120 a day on lottery games, is eager to try his luck on the $50 game. "I play all of them."

                That must be some 2nd job spending $120 a day on lottery?

                I love doubles and remember, it's just a game!!!!!!

                  RJOh's avatar - chipmunk
                  mid-Ohio
                  United States
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                  Posted: May 9, 2007, 10:53 am - IP Logged

                  WHAT!! The Custodian spends $120 A DAY on lottery tickets???? This guy is nuts!!!!

                  spends $120 A DAY on lottery tickets.....not loses $120 A DAY on lottery tickets.  He's probably winning some of it back.

                   * you don't need to buy more tickets, just buy a winning ticket * 
                     
                               Evil Looking       

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                    Delaware
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                    Posted: May 9, 2007, 8:40 pm - IP Logged

                    $50 for a single ticket? No thanks. I have a hard enough time justifying an occasional $5 ticket. Best odds of winning any game still seems to be playing a pair on a Pick 3, 1:100.

                      Think's avatar - lightbulb
                      Marquette, MI
                      United States
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                      Posted: May 9, 2007, 9:09 pm - IP Logged

                      spends $120 A DAY on lottery tickets.....not loses $120 A DAY on lottery tickets.  He's probably winning some of it back.

                      Cant be winning that much.  In one store I buy tickets at I frequently bumped into someone that spent $300 on the afternoon and $300 on the evening draws.  The best he did was get $40,000 in 2 months on the 4 digit.  If I had that much to spend I certainly would *NOT*  be buying tickets!!!

                      The person just recently gave up....though I dont know for how long.

                      BTW the Lootery here sold out of those $50 raffle tickets in less than 2 days!! 

                        MegaWinner's avatar - Lottery-029.jpg
                        New Jersey
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                        Posted: May 10, 2007, 2:06 am - IP Logged

                        Waaaaaaaaaay to expensive.  I hope the PB and MM don't get these silly ideas and up the ticket price.

                        Sun Smiley I got my fingers crossed ready to win!!! Sun Smiley

                          cv844's avatar - Lottery-049.jpg
                          texas
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                          May 17, 2004
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                          Posted: May 10, 2007, 4:47 am - IP Logged

                          According to TLC , alot of people have been purchasing these tickets since Monday , check it out at Texas lottery commision. org.  Monday was the first day of sales.

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                            Coastal Georgia
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                            October 30, 2003
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                            Posted: May 22, 2007, 5:28 pm - IP Logged

                            Have any of our Texas members heard any good success stories from this $50 ticket yet ?

                             

                                                           

                                          

                             

                             

                              cv844's avatar - Lottery-049.jpg
                              texas
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                              Posted: May 22, 2007, 6:08 pm - IP Logged

                              I havent bought one myself, I am still waiting to win some money on pk 3 to buy one lol