Wednesday, January 13, 2016
The odds of winning the lottery are very long, and a person has more of a chance of being struck by lightning or falling airplane parts. Despite the statistical unlikelihood of ever winning about 57 percent of American adults spend up to $50 billion each year trying to win the lottery. The odds stay the same regardless of how many times a person plays because there is an independent probability of winning in each round. A person can improve their odds by purchasing more tickets in one single drawing. Most of the revenue that States draw from lotteries come from a small percentage of dedicated players. The lottery can be fun to play for the entertainment value, but it should not be viewed as a serious investment strategy.
See Jean Folger, The Lottery: Is it Ever Worth Playing?, Investopedia, January 12, 2016.