Mega-Millions $270 million

[Emmanuel2008]

So here in Chicago, whenever these "lotteries" exceed $200 million, the local media decide to make it a headline story. Why? My guess is to appeal to greed in us all and possibly inspire us to go waste some of our own money on it

From what I have seen and heard from these lotteries and the huge jackpots we get 3 or 4 times a year....it almost seems fixed. As crazy as that sounds, as illogical as that sounds, the list of winners all seem to fit the same categories....and sadly they almost always fall victim to the "curse" of the lottery when they win. When was the last time you saw a struggling single mother on welfare win? When was the last time you saw someone who was on the verge of bankruptcy win? Someone dying waiting to get the money for the surgery to save their life? I could go on and on, but in this country, one thing that is very clear is most of the people who win these big jackpots.....are people who were already pretty well off, and truth be told, didn't need the money. I mean, yeah, who wouldn't accept $50 million if you won it, I'm not saying those people should stop playing, or give it away if they win.....but when was the last time you heard of a lottery winner actually putting their money to use??? Open a school, repair a highway....something to give back after they have been blessed. And maybe that's why they fall victim to the horrible luck that follows a winning. Don't say that the poor people don't win because they don't play because they don't have the money, because we all know someone who may be living paycheck to paycheck, but still find a way to waste money on cigs, alcohol, and many other things.

I admit, I have played, and I do play from time to time, and every time I lose, I vow to never play again. But usually I don't play unless the jackpot surpasses $250 million, because to me, that's when it's truly worth it, and you can truly do good things for someone other than yourself even AFTER the local, state and federal government come and rape half of your winnings away from you to pay for taxes and all the frivilous things our politicians waste our money on. I know I will never win, and I am ok with that, because actually the way I look at it, I am paying for the feeling of wondering what it would be like to win. And I am putting a little bit more money to the schools to make them better (part of lottery winnings in Illinois go to schools), so I am ok with pissing away $10-20 a few times a year.

What is your feelings about the lottery in general? Do you play? What's the most you have given away on lottery tickets?

And for the record, no, this one time I am taking a pass on the lottery, I will not be a part of this jackpot.

[Cirino83]

I only play when the jackpot is huge like this. I bought 5 quickpicks seeint that you can have 100 or 1 and have the same chance of winning....which is almost 0

[BG5150]

But usually I don't play unless the jackpot surpasses $250 million, because to me, that's when it's truly worth it

So spending a few bucks to win $250MM is worth it, but to hell with spending a coupla bucks to win $1MM or so?

I'm not proud; I'll take a million bucks. Heck, even if I had to split it 50 ways, it's still $20 grand pre-tax.

[Bicster]

Open a school, repair a highway....something to give back after they have been blessed.

Thats what the government is for. That is where your tax dollars go. Though many people call the lottery the "poor tax."

[Bupp]

Thats what the lotto is for...It's not like its a business, the money they make off it is building schools, paying welfare, fixing highways etc.

[HahnB]

But usually I don't play unless the jackpot surpasses $250 million

Why? The lottery is a stupid tax, no matter how much the jackpot is. Saying you would pay 1 dollar to win 250 million but wouldn't pay 1 dollar to win 50 million is pretty irrational. A large percentage of people who win are worse off down the road than they were before, mainly because they don't know anything about managing money-which is why they bought the ticket in the first place

[ncsuLuke]

why is that irrational? if you are going to throw away a dollar on a small shot at wining a bunch of money you might as well do it when you have a shot at winning MUCH more money. its not like the odds of winning change with the amount. i mean if you buy i ticket you are essentially throwing away your money but if you are going to do it might as well wait until you can maximize your potential profits.

[bjohnso]

I thought that the jackpot increasing meant that more people were buying tickets - meaning that the higher it went, the less chance you would have of winning.

I'm not a gambler, though. I never understood the excitement people get out of that.

[Ockhams_Razor]

A large percentage of people who win are worse off down the road than they were before, mainly because they don't know anything about managing money-which is why they bought the ticket in the first place

This is exactly right. I was just watching a show about the numerous winners of a recent lottery, all getting like 25 million each (don't remember the exact number). I think it was on A&E. Anyway, that was the main point they talked about, how most people who hit the jackpot are complete morons anyway. They have no concept on how to handle money, and how to invest, so they just mess up their lives even more. If you aren't smart with your money when you are barely getting by, you aren't going to be smart with numerous millions either.

And I wouldn't really go as far to say that the lottery is "rigged" and that the only people who win are those who don't need it. When you say it like that, you make it sound like the people who win already are extremely well off and don't have any problems in life. In reality, I can't remember anyone who one a jackpot while being a millionaire, or having no debt or problems in life. Most people who win really are just getting by, don't have a lot of nice things, live in a small house, living paycheck to paycheck.

But back to your point that those winners don't give anything back, the winners I mentioned earlier, like 4 of them all went together to a local homeless shelter right after they won and helped out everyone there, to give them all a new chance at life. You probably don't hear about these things as much, because nobody really cares to hear about it. Thats not as interesting to the public as what ferrari they bought, did their house cost 5 or 10 million, ect. Its just human nature.

[MrWebb78]

So spending a few bucks to win $250MM is worth it, but to hell with spending a coupla bucks to win $1MM or so? .

Lol as much as I agree, I still tend to avoid the lottery until it's up over 100 mil.

[ncsuLuke]

I thought that the jackpot increasing meant that more people were buying tickets - meaning that the higher it went, the less chance you would have of winning.

I'm not a gambler, though. I never understood the excitement people get out of that.

there is a higher chance that more people could win which would lower your winnings but you still have the same statistical chance of having your numbers called

[Altephor]

I just bought a Powerball ticket today.. lol the odds are only like 1/trillion. We just did the probability of winning in my data analysis class... let's see if I can overcome it.

[Runty]

This is really weird that this was brought up because we just talked about this in my economics class. I totally agree with BG5150. It's weird how people rationalize wasting money on $250mil as opposed to "just" $10mil. Like a few million dollars wouldn't make you wealthy for life either way...

[McIrish]

Why? The lottery is a stupid tax, no matter how much the jackpot is. Saying you would pay 1 dollar to win 250 million but wouldn't pay 1 dollar to win 50 million is pretty irrational. A large percentage of people who win are worse off down the road than they were before, mainly because they don't know anything about managing money-which is why they bought the ticket in the first place

AMEN. I don't get it when ppl say "Oh man, it's over XYZ million... I'd be an idiot to not play!"

Seriously, run some expected value calculations on this - your expected value on a scratch-and-win card is higher than your chance of winning on a powerball, but you don't see people lining up to purchase those, do you?

If you play it FOR ENTERTAINMENT, it's worth the $1, otherwise don't kid yourself...

[HahnB]

AMEN. I don't get it when ppl say "Oh man, it's over XYZ million... I'd be an idiot to not play!"

Seriously, run some expected value calculations on this - your expected value on a scratch-and-win card is higher than your chance of winning on a powerball, but you don't see people lining up to purchase those, do you?

If you play it FOR ENTERTAINMENT, it's worth the $1, otherwise don't kid yourself...

I read a great statistic, and I can't quote it to be exact, but it was something like-if you went in with a pool of 5 other people and bought a lottery ticket, there's a greater chance that all 5 if you would be dead within one year than win the jackpot.

[bjohnso]

I remember reading about a guy who won the lottery twice. I can't remember any details besides that.

WTF, spread the wealth pal. Lol!

[BilltheButcher]

Lottery is used as a revenue generator by the state, for the things you are saying the people who win should use it for. I never have played and never will, if I become a millionaire it will be from my hard work and skills, not by luck. Also this whole movement of hating on the wealthy has got to stop - someday I hope to be a multi-millionaire (slim chance, but thats the American dream) and I sure as hell don't want someone sticking their hand in my pocket b/c they didn't have the work ethic, or weren't willing to risk it all to succeed.

[CiteCollegiale]

I never played the lotto until I started my job. A group of us buy tickets together to increase our chances. The only reason I play is because I would kill myself if they all win and I didn't.

[CleverName]

FYI I won the jackpot.

[MrWebb78]

I bought 5 tickets and won 8 dollars. Well, won 3 dollars and my money back. 2 numbers plus the mega number

[Nik00117]

Its more fun to win 270 million then 10 million.

Although my parents always bought one lottery ticket regradless of the ammount. They figured its cheap fun if they win they are rich.

Think thats how most poeple take it.

[bjohnso]

I never played the lotto until I started my job. A group of us buy tickets together to increase our chances. The only reason I play is because I would kill myself if they all win and I didn't.

That's the only reason I've ever played.

[Emmanuel2008]

My point is proven yet again.....white couple, in their fifties, already had a home.....

I don't mean to sound racist when I say this, because I really am all about equality, and I am of a mixed race myself, but have you ever.....EVER.....seen a non-white win the big one?

Many congratulations to the couple down in Georgia who won, they are truly blessed and I am not hating on them by any means.....I just wonder when the national media will pick up on this trend of who is winning, and make it the national story it needs to be.

Just my thoughts and observations.

And I kept my word, I did not play this time.

[Ockhams_Razor]

Seriously, run some expected value calculations on this - your expected value on a scratch-and-win card is higher than your chance of winning on a powerball, but you don't see people lining up to purchase those, do you?

i think you would be suprised how many scratch-off tickets are bought. i don't know of any exact numbers by any means, but i used to work at a liqour store, and a huge part of our business was the lottery (as is any party store). and I can honestly say that we sold almost as many scratch off tickets as the big game ones. you see it more in the people who are addicted to gambling though, since it makes them feel like they are actually "gambling" since they are doing something.

and you don't really hear about the people winning these because the amount isn't as high. winning 20 grand is huge on scratch offs, but thats nothing to even blink at compared to the big games.

[HahnB]

My point is proven yet again.....white couple, in their fifties, already had a home.....

I don't mean to sound racist when I say this, because I really am all about equality, and I am of a mixed race myself, but have you ever.....EVER.....seen a non-white win the big one?

Many congratulations to the couple down in Georgia who won, they are truly blessed and I am not hating on them by any means.....I just wonder when the national media will pick up on this trend of who is winning, and make it the national story it needs to be.

Just my thoughts and observations.

And I kept my word, I did not play this time.

The numbers are drawn at random. It's not rigged. Whatever race, age and income bracket of people statistically buy the most lottery tickets will have the greatest chance of winning. I don't see what your point is.