Author Topic: In defense of lottery tickets  (Read 3962 times)

Hargrove

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Re: In defense of lottery tickets
« Reply #50 on: March 17, 2017, 04:42:32 PM »
Quote
There are people that enjoy watching Let's Plays though...

Absolutely!

The previous poster actually suggested playing a game by putting in a quarter, however. The two examples are not the same videogame-derived entertainment. E-Sport Watching Other People Buy Lottery Tickets is still really, really, really, really, really niche.

prognastat

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Re: In defense of lottery tickets
« Reply #51 on: March 17, 2017, 04:53:32 PM »
Quote
There are people that enjoy watching Let's Plays though...

Absolutely!

The previous poster actually suggested playing a game by putting in a quarter, however. The two examples are not the same videogame-derived entertainment. E-Sport Watching Other People Buy Lottery Tickets is still really, really, really, really, really niche.

I was mostly just playing around with the statement. As for the actual topic I don't partake in the lottery or any game of pure chance since it holds no interest even for entertainment purposes. I do have problems with people partaking in the lottery for the sake of entertainment, I do however have a problem with many lottery systems that seem to be a lazy way to tax poor ignorant people that often invest far more in to the lottery than necessary for entertainment and sometimes more than they can afford.

Hargrove

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Re: In defense of lottery tickets
« Reply #52 on: March 17, 2017, 05:12:47 PM »
I was mostly just playing around with the statement. As for the actual topic I don't partake in the lottery or any game of pure chance since it holds no interest even for entertainment purposes. I do have problems with people partaking in the lottery for the sake of entertainment, I do however have a problem with many lottery systems that seem to be a lazy way to tax poor ignorant people that often invest far more in to the lottery than necessary for entertainment and sometimes more than they can afford.

Also agree. Punishing ignorance is no substitute for better teaching (though the two aren't always mutually exclusive).

And we basically don't teach finance at all.

There is no mandatory HS senior AND college senior class everyone should have to take quite like Finance 101. Or Sex Ed 101.

Spork

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Re: In defense of lottery tickets
« Reply #53 on: March 17, 2017, 05:18:10 PM »
There is no mandatory HS senior AND college senior class everyone should have to take quite like Finance 101. Or Sex Ed 101.

We had a local city requirement for a Finance 101 when I was in high school.  Unfortunately it had to be designed as a "make sure everyone passes" class.  It was terrible.  Worse than terrible.  In retrospect it seems like it was such a fundamentally good idea.  In practice it was something akin to a 4th grade math class.
Some will sell their dreams for small desires
Or lose the race to rats
Get caught in ticking traps
And start to dream of somewhere
To relax their restless flight

exterous

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Re: In defense of lottery tickets
« Reply #54 on: March 20, 2017, 02:10:27 PM »
I buy tickets in the office pools when the big jackpots show up. That's mostly insurance though - nobody wants to be the only person to show up at the office if the pool actually wins.

That is exactly why I've always played office pools. At my last company about 2/3 of the company took part - including the all the scientists\patent holders\lead engineers. Some incredibly specialized talent so there was zero doubt in my mind that if the office pool had won the company would have been out of business in months

Rosy

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Re: In defense of lottery tickets
« Reply #55 on: March 21, 2017, 01:54:54 PM »
The things you learn on MMM :) ...

QUOTE: If you want to increase your odds (and they'll still suck) buy multiple, overlapping tickets.  For example, if you need to pick 6:
* 1, 2, 3, 4, 5, 6
* 2, 3, 4, 5, 6, 7
* 3, 4, 5, 6, 7, 8
etcetera

This means if prizes are handed out for matching 3, 4, 5.... you'll multiple matches of 3, 4, 5.  You are still "just as likely" to win the big pot and much more likely to win multiple small pots.

This is also counter intuitive to everyone that plays.  They'll want 10 numbers that are all vastly different instead of 10 numbers that overlap
END OF QUOTE

It's fun to imagine - what if??!:) I buy them off and on, usually when things aren't going so well and always a few during the holidays and New Year.
Maybe total investment of $30 to $50max a year.

Reynold

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Re: In defense of lottery tickets
« Reply #56 on: March 21, 2017, 02:55:11 PM »
You offered a videogame (arcade game). Why do you need to play it? Stand near the machine and watch while someone else plays it!

It's a little different if you are involved yourself...

I actually did this (stand nearby and watch) when I was in college, because if I put money in, I'd get to see about 2 minutes worth of play, if I watched someone good I got to see much further into the game, more levels and such. 

I've played only the 3-4 times there was a big office pool, both to avoid the "don't want to be the only one left coming into work" chance and because I got to participate in the discussions with everyone else about what they would do with the money. 

Slee_Stacks suggestion of pretending you found a ticket on the ground reminded me of a comic (Dogbert in the Dilbert strip maybe?) where someone was selling losing tickets for half price the day AFTER a drawing, "Only 1 in 200 million lower chance of winning!"  :)

talltexan

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Re: In defense of lottery tickets
« Reply #57 on: March 28, 2017, 01:24:04 PM »
I like using lottery tickets as gifts. There's a 50% house edge, but it seems as though many other gifts involve a substantial deterioration of value, and at least lottery tickets don't take up much space.

VolcanicArts

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Re: In defense of lottery tickets
« Reply #58 on: March 29, 2017, 02:16:05 PM »
Oddly, in my "win the Powerball" fantasies, I generally hope to win the $1,000,000 prize as opposed to the jackpot. After taxes, it comes to about $665,000 (taking into account our W-2 income). That's enough to be FI immediately, and RE if we really wanted to. But it comes without the stress of winning a massive jackpot and worrying about how people are going to come knocking on your door with a hand out.



If you want to increase your odds (and they'll still suck) buy multiple, overlapping tickets.  For example, if you need to pick 6:
* 1, 2, 3, 4, 5, 6
* 2, 3, 4, 5, 6, 7
* 3, 4, 5, 6, 7, 8
etcetera

This means if prizes are handed out for matching 3, 4, 5.... you'll multiple matches of 3, 4, 5.  You are still "just as likely" to win the big pot and much more likely to win multiple small pots.

This is also counter intuitive to everyone that plays.  They'll want 10 numbers that are all vastly different instead of 10 numbers that overlap.

It seems more mathematically in your favor if you had non overlapping numbers? With non overlapping numbers you are guaranteed to have every number on a few tickets. At that point it's just a matter of the arrangement of the numbers. Any thoughts on this?

ditkanate

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Re: In defense of lottery tickets
« Reply #59 on: March 29, 2017, 02:24:27 PM »
Start a savings account that gives you chances to win $1,000,000 as a natural part of savings. 

Here is a very thorough breakdown of the account.

Daughn

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Re: In defense of lottery tickets
« Reply #60 on: April 07, 2017, 12:35:16 PM »
I admit I buy one from time to time. I enjoy the momentary suspension of disbelief  :)
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Just a mortal with potential of a superman

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The Fake Cheap

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Re: In defense of lottery tickets
« Reply #61 on: April 07, 2017, 07:58:11 PM »
I always thought my idea to the work lottery pool was pretty decent.  My office lottery pool is a "reasonable" $2/week, however still too rich for myself.  So what I did was go in on a half share with someone, so I pay $1/week, so I would get a half share of any winnings. 

"Wouldn't you feel dumb if we all won $1 million and you only got 500K?" "  "I guees I'd have to live with that." is my usual response, when I'm really thinking "500K would enable me to retire today, and all you other sukkas would still be working here for another 10-20 years, even with your million."

aneel

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Re: In defense of lottery tickets
« Reply #62 on: April 09, 2017, 06:29:23 AM »
. I went to bed (early because I get up early) with the thought in my head of "hey maybe tomorrow it all changes and I can move to Australia" and it made me sleep easier.


As someone who has recently been reading "Alexander and the horrible, terrible, no good very bad day" this made me literally laugh out loud.

Buying an occasional lottery ticket is no different from going for an occasional ice cream in my opinion.

Dicey

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Re: In defense of lottery tickets
« Reply #63 on: April 09, 2017, 08:26:58 AM »
I've been finding scratch-offs in DW's van from time to time, which sets me on a slow burn... I don't mention it because I believe in a peaceful marriage, but if I start seeing more of them I definitely will. I see nothing wrong with the occasional buy when the Powerball or Mega is insanely high, but regular purchases of scratch-offs is a no-no in my book. That said, we do go to the riverboat casino a couple of times a year, each taking $100. That I see as an entertainment expense as it's a night out for us, and it's rare for both of us to lose our entire $100.
Why not collect DW's spent scratch-offs and enter them in the Second Chance Drawing? How cool would that be? Edited to clarify: if you won from her cast-offs.

If you really wanted to be a jerk, you could keep track of the number of scratch-offs you find and subtract the total from her riverboat "entertainment" money. Just remember that divorce is really, really expensive.
« Last Edit: April 09, 2017, 02:44:35 PM by Dicey »
I did it! I have a journal!
http://forum.mrmoneymustache.com/journals/a-lot-like-this/
And hell yes, I am still moving confidently in the direction of my dreams...

runewell

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Re: In defense of lottery tickets
« Reply #64 on: April 09, 2017, 09:17:26 AM »
Face punches for anyone buying a lottery ticket.