Reader Kyle sent me a link to a lotto simulator. You choose five numbers and a mega ball number, select how many games you want to play (up to 1,000x) and play.
It tells you your “winnings,” how much you spent, and overall stats of all players.
While it’s true that someone will probably hit it big, just about everyone else comes out way behind. In the several games that I’ve played, I’ve spent $1,000 each time and the most I’ve won is $250. Whoop dee do.
Playing the lottery is rarely worth it. According to these odds, my chance of winning a mere $2 on a ticket is 1:75. Overall odds of winning something are slightly better at 1:39.
I don’t like those odds.
When the Powerball gets huge, some of Shane’s coworkers throw in $5 each or so, and they try and strike it rich. That’s fine. $5 once in awhile is no big deal.
But some people buy tickets for almost every drawing.
Rather than do that, I like Kyle’s suggestion of just putting that money in a high-interest savings account instead. That’s a guaranteed return on your money, and I think a guarantee is better than a minute chance of winning the jackpot.
What are your thoughts on the lottery?