Most lottery players never see big payoff

Comment #38

LOTTOMIKE — Thu, 27 Dec 2007 09:31:31 GMT

you can't win if you don't ever play the game.

Comment #37

aaaok — Thu, 20 Dec 2007 14:50:26 GMT

lol i love it

Comment #36

justxploring — Thu, 20 Dec 2007 06:15:47 GMT

I figure there is chance I could win - After all I met my wife.

That's probably the best thing I've ever read here when discussing the odds of winning

Comment #35

richnc — Thu, 20 Dec 2007 05:18:12 GMT

I figure there is chance I could win - After all I met my wife. Not sure what the odds are but - she was going to U of Iowa - home in Council Buffs IA for the week end. I was in Air Force in Omaha. I usually did not go to bars but that night I did. I asked her to Dance at the HEET lounge in Omaha and she said yes! And we have been married for 30 some years. When I think of the hours of the year - the chances we both were there - that the lightening DID strike at our hearts. Sure I will win... [ More ]

Comment #34

Stack47 — Wed, 19 Dec 2007 01:47:35 GMT

When I started my 401(k) I was making about $500 a week and had 10% ($50) deducted from my paycheck, but the difference in my take home pay was less than $50 because my tax base was lowered to $450. The plan allowed me to invest in almost any stock in the three major stock markets plus a large number of mutual funds.

Money market funds were the safest investment but their yields were usually lower than the stocks offering dividends. I read an article by Warren Buffett that simply suggested re... [ More ]

Comment #33

bashley572 — Tue, 18 Dec 2007 23:46:55 GMT

I 'Income average by having my girl-friend buy some of the tickets with her money but I keep the winnings...

and by the way I am kidding

Comment #32

justxploring — Tue, 18 Dec 2007 23:39:07 GMT

While it is true that putting $1 a week in the bank won't help you to retire, saying that deducting part of your income every week in a savings plan at work or an IRA (both use pre-tax dollars) and averaging 5% over 30 years is the same as playing the lottery is absurd. I can't even think of a word for saying the lottery is a better way of investing your money than saving for retirement. By law, a company can't tell you where to put your money. They need to offer you choices (think 3 is the mi... [ More ]

Comment #31

Coin Toss — Tue, 18 Dec 2007 22:54:26 GMT

Well, yes, that happens but all too often people caught in something like that were way too greedy.

Employees with stock options don't have much choice, but most of those investors were not employees.

You never go in without a known low, buy for $25, if it gets down to $18 SELL, if it goes up, SELL at $34 , etc....

Even if you take a bath, there's income averaging and losses in the market - try income averaging lottery losses.

Comment #30

Clairvoyance — Tue, 18 Dec 2007 22:28:55 GMT

It's the same choice you make if you want to use alcoholic beverages - you don't have to do it

No but they still are allowed to have advertisements on TV to entice you drink it. But yet adds for cigarettes were banned because the state does not control it and they don't think people should smoke!

You don't have to gamble either but yet I see commercials on TV telling you to do so!

Ban the lottery commercials as well! We don't need to see a ground hog on TV telling us to keep on scratch... [ More ]

Comment #29

Clairvoyance — Tue, 18 Dec 2007 22:19:59 GMT

I have to agree 100% with this statement!

And the fact, that if, Hillary was elected as president of the United States, I will seriously consider leaving the country!

Even the thought of it makes me want to

Comment #28

konane — Tue, 18 Dec 2007 21:55:57 GMT

Same with Delta, stockholders took a bath when stock was canceled coming out of bankruptcy. They reissued anew now doing pretty well.

Also what about mutual funds which spread risk which have lost money due to sub-prime mortgage investments at the hands of astute brokers who socked investors' money into them? Those astute brokers collected commissions which was their #1 agenda.

Frankly if I'm going to lose any money I'd rather do it myself ... win or lose .... and have only myself... [ More ]

Comment #27

time*treat — Tue, 18 Dec 2007 21:37:16 GMT

Unless they win. If they lose, they won't need any more help than the people who owned Enron, Worldcom, Global Crossing, KMart, or any of the lesser known companies that get delisted every week. They will, however, get more sympathy. But, last I checked, that had no monetary value.

I know some are chomping at the bit to tell me that Kmart is still in business. Well, the KMart shares that were owned when the company went into bankruptcy were canceled and are not the same Kmart shares that exis... [ More ]

Comment #26

Coin Toss — Tue, 18 Dec 2007 18:27:50 GMT

You don't invest $1 or $2 or chump change in stocks.

Anyone who plays lotto to the extent that they could have invested that much needs some serious help.

Comment #25

konane — Tue, 18 Dec 2007 17:32:17 GMT

Playing the lottery you're in control of where your dollars go rather than allowing someone else to invest it in your behalf.

Comment #24

Coin Toss — Tue, 18 Dec 2007 15:44:13 GMT

Stocks = a return on your money, an 8% return on a security is 8% of what you invested, the investment still being there!, or you sell and get the original invstment and the 8% back.

Playing $1,000 a year and cashing winning tickets for $100, let's say, does in no way, shape, or form, mean you had a 10% return, it means you blew $900. Big difference.

Lotto = a return as a portion of your money, and that's all folks, the original money went to the lotto. And the examples given in this t... [ More ]

Comment #23

LckyLary — Tue, 18 Dec 2007 05:47:29 GMT

What the story needs to also make clear is that, sometimes you do match all of the numbers and still not see a big payout because other people also matched all the numbers.

I don't expect that a win will change my life, but I've matched 5 of 5 before via my own system so it's possible to happen again with hopefully a better payout. For now I am happy if a win gets me a new TV set or even a visit to TGI Friday's.

If everyone who played at some point won a big jackpot, then everyone would ha... [ More ]

Comment #22

BobP — Tue, 18 Dec 2007 05:08:28 GMT

The casino is designed to destroy you and they do it with a 5% or smaller house edge. It is like a roller coaster ride with lots of ups and downs, but always trending toward ground zero at the end of the ride.

I've always considered it a mistake to compare the big lottery games with casino games because with lottery you only need to win once to recover your entire investment and become a multi-millionaire.

With the lottery we have the oppertunity to make our own luck. We pick the numbe... [ More ]

Comment #21

go4it-andwin — Tue, 18 Dec 2007 03:19:43 GMT

I agree totally...think of all the people who say im not going to win and the next day theyre buying new houses and cars.... I think people with a gambling problem should refrain from lottery games, but for others who know self control, have fun and take a chance at fortune.. Everydrawing that goes by and i miss it totally, i just say at least i tried . Maybe one day ill be in for a pleasant suprise. As for now, im not counting my chickens till the eggs hatch! I know ill keep trying till m... [ More ]

Comment #20

ShowAlaThe$ — Tue, 18 Dec 2007 02:19:42 GMT

Regardless of the odds, SOMEBODY IS GOING TO WIN, and the only person guaranteed not to win is the person without a ticket.

Comment #19

time*treat — Tue, 18 Dec 2007 01:34:18 GMT

Where does the money come from to pay you 4 or 5%?

What is your rate of return if you are paid 4 or 5% nominal return, while actual inflation (loss of purchasing power) is 8%? Here's a hint, it's less than zero.

Now, many people buy the big lie about how purchasing the Dow 30 components in some given year and holding on over so many years would return so much percent. This is garbage. When a Dow company falls on hard times, it gets taken out of the index and replaced with a successful c... [ More ]

Comment #18

JAP69 — Tue, 18 Dec 2007 01:04:57 GMT

This is a story about a S.C. player and the S.C. lottery.

With that said. S.C. high School students have one of the highest dropout rates in The U.S.. That trend needs to be reversed as there are fewer jobs available year after year for dropouts. There are more and more jobs becoming available as industries move into in S.C. that require a higher education.

South Carolina is on an upward trend economcaly and the education levels needs to move in the same direction.

Comment #17

JAP69 — Tue, 18 Dec 2007 00:49:11 GMT

A few dollars for education and a shot that it could be your day.

Like he said he has student loans to pay off. So why not lighten the financial load of those that want a higher education.

Comment #16

Tenaj — Tue, 18 Dec 2007 00:47:56 GMT

Comment #15

justxploring — Tue, 18 Dec 2007 00:44:50 GMT

A 401(k) is only risky if the employee invests in the company stock (like Enron) or a mutual fund that doesn't perform well and his portfolio isn't adequately diversified. Usually he/she has a choice and can pick a fixed annuity and/or bonds as well. Even if the investment is conservative, 4% or 5% over time is better than nothing, especially if a company offers to match contributions. A little more risky, but relatively conservative, portfolio of stocks will usually average 8% over 25 years.... [ More ]

Comment #14

Coin Toss — Tue, 18 Dec 2007 00:26:23 GMT

Let me expound a bit on designed to destroy you .

By that I mean the house edge, regardles of the game, is always going to prove itself out.

I'm sure there's people here (LP) that don't spend on lotto in a month what some other people spend on one night out.

Those aren't the kind of people I'm talking about.

I'm talking about someone, that for whatever reason, one day decides they have got a game beat. Those are the ones that are going to get destroyed by the house edge.... [ More ]

Comment #13

time*treat — Mon, 17 Dec 2007 23:27:40 GMT

You've got a 401(k)? You're gambling. Got stocks? You're gambling.

The main dfferences between stocks and lottery are stigma and rates of return.

Comment #12

KY Floyd — Mon, 17 Dec 2007 22:25:22 GMT

Didn't this article come out last week in The Daily Obvious?

State Rep. John Scott, R-Richland, said people take equally risky chances all the time.

It's the same choice you make if you want to use alcoholic beverages - you don't have to do it, Scott said. You've got a 401(k)? You're gambling. Got stocks? You're gambling.

Spoken like a true politician, who's either putting a hell of a lot of spin on his position, or doesn't have a clue about reality. Sure, people lose mone... [ More ]

Comment #11

lmatlaw — Mon, 17 Dec 2007 21:57:01 GMT

Sure it's unlikely that you'll ever hit the Big One , but I do know that you can't win if you don't play. I also don't spend myself into the poorhouse buying tickets.

I wager comfortably within my budget about $25 a week on Cash 5, Colorado Lotto and Powerball. That money is purely discretionary income that I could spend any number of ways but I choose to buy lottery tickets.

I've won a few small prizes including $200 twice on 4 of 5 in Cash 5.

I hope to win the Big One someday, bu... [ More ]

Comment #10

go4it-andwin — Mon, 17 Dec 2007 20:57:50 GMT

I dont think you need to tell lottery players that chances are youre not going to hit the jackpot... We all know by the odds that probably not, but as long as you have 1 CHANCE, you got one more chance than the guy who dont play... Its kinda like lightning hitting you...most likely you wont get hit by it...but tell that to the 1000's with burnt shirts and shoes

Comment #9

justxploring — Mon, 17 Dec 2007 20:16:16 GMT

it is designed to destroy you.

Maybe it has. I always thought I had a chance, then I got on LP and thought I had more of a chance, and now I'm reading I'm a fool to even dream about it. So, no matter how intelligent or rational a person is, the idea of being that 1 in a million or even one in 20 million, still creates temptation. Whether it's greed or hope, logic is cast aside by these illusions.

Comment #8

Todd — Mon, 17 Dec 2007 19:48:16 GMT

I agree it takes a village. Just not the kind of village Hillary Clinton would create.

Comment #7

RJOh — Mon, 17 Dec 2007 19:32:50 GMT

When the overall odds of winning any prize are 1:40 or worst and most of those prizes are $1-$2, most players think they are lucky if they get back a dollar for every $10 spent when they don't win the big prize and they are.

Comment #6

Coin Toss — Mon, 17 Dec 2007 19:15:51 GMT

I'm with ThatScaryChick, this is not news to most players.

From the OP:

Meet the bread and butter for the Palmetto State's lotto.

Very true.

Anyone who looks at the lotto as anything other than entertainment or a $1 or a few dollars worth of the chance to run a toothpick into a lumberyard is just not being real.

Recreation money is one thing, expecting a ROI (return on investment ) in any form of gambling is economic suicide. Eventually the house edge will destroy you, it i... [ More ]

Comment #5

EXMECHANIC — Mon, 17 Dec 2007 18:33:26 GMT

If he wants to be a millionare why is he playing a Cash 5 game

Comment #4

justxploring — Mon, 17 Dec 2007 18:31:26 GMT

Thank you Todd for posting this article. I doubt if it will change any attitudes here, but maybe somebody will wake up and smell the coffee and realize the lottery is a shot at a big win, but far from a guarantee. I read so many posts here that say I know I'll win the PB and the chances are so slim. I often think I'm going to win too, even after 30 years. I still hope I do someday, but I realize it might never happen.

I'm glad I continued reading the entire article, because at first it s... [ More ]

Comment #3

ThatScaryChick — Mon, 17 Dec 2007 17:41:04 GMT

I don't think this is news to most lottery players. I think we know that most players will never get a big hit, but that won't stop me from believing that one day I will see a big payoff. So yeah, I'm going to keep playing.

Comment #2

chasingadream — Mon, 17 Dec 2007 17:22:01 GMT

as true as it is.....thats not something I wanna hear right before I go to buy tickets...lol

Comment #1

Jack Pot — Mon, 17 Dec 2007 16:22:55 GMT

Most lottery players never see big payoff

Please tell me it ain't so

Most lottery players never see big payoff

Lottery Post — Mon, 17 Dec 2007 13:14:37 GMT

At a convenience store with a hilltop view of Williams-Brice Stadium, Jeff Connor scribbles five numbers on a Palmetto Cash 5 lottery slip.

If I've got 20 extra dollars, I'll put 10 percent or so into the lottery. Just like tithing, he said.

Connor estimates he spends $20 to $30 per week on lottery games for a very simple reason: I'd like to be a millionaire.

Meet the bread and butter for the Palmetto State's lotto.

They're residents who play regularly but have never won big. And... [ More ]