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What's the point of State lotteries?

Discussion in 'Non-Vegas Chat' started by Gomar, Apr 13, 2014.

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  1. Gomar

    Gomar Low-Roller

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    So I drop $75 on NY Numbers, hit on 502 box $80+$25 02 b/p = $105, profit of $30. For all the running around I did, it's not worth it.

    But, ok, I still won, then what? Do I stop, or keep playing? What's the end game? To hit the big one of $500, or even $250? By the time I hit a straight, I would have wasted much more than the payout... but, yes, I will have hit the big one!

    So, I have decided to save my lottery money and spend it all instead on AC or Vegas. Atleast I could bet 0.01-0.10 instead of 0.50, and get free drinks, comps, buffet, etc.
     
  2. LV_Bound

    LV_Bound VIP Whale

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    As the old NJ state lottery slogan goes...."You have to be in it to win it.":wink2:

    How about save up the lottery money.
    Take the amount saved and use it in one of the slot machines.
    Let us know what happens.
     
  3. RebelDiceMan

    RebelDiceMan High-Roller

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    I live in a non-lottery state. Whenever I go to Florida or Louisiana , I usually buy $40 worth of lottery tickets split between powerball and the state Lotto. Last summer I hit five of six on the Fla lotto for $5,426. If the 34 on my number line had been a 42, it would have been 56 million. So it worked OK for me. I don't get to those two states more than 5 times a year combined so that $40 a trip will take a while to get to 5K.
     
  4. Piggylane

    Piggylane Well-Known Member

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    State lotteries are the voluntary tax for the mathematically inept.

    Keno, daily numbers all run 60 to 70% pay schedules. Would you sit at a video poker machine with these odds?

    I hit a Mass scratch ticket for $50,000 in 2008. Been on a downhill slide ever since. I quit buying tickets, playing keno, numbers, powerball and megamillions quite some time ago. Somebody does win. It won't be me. The realization of the bad math took too long to finally sink in.
     
  5. leo21

    leo21 VIP Whale

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    The lottery was all the gambling available for a lot of places before casinos were legalized. But with the way so many casinos have fallen off, it may still be the more entertaining experience. Either way, Vegas is not for anyone even though they may enjoy gambling. Lotteries fill that space for them.
     
  6. ClownHo

    ClownHo High-Roller

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    It's amazing how much state lotteries make. Despite the vig, all they do is keep printing scratch tickets.

    I rarely buy those tickets, but I once won $75 on a $1 ticket. Great return on my investment, I know! I beat 1 in 2,400 odds and I got $75 for doing that.

    That's why I buy the occasional lottery ticket when the jackpot is huge. If I'm only gonna dream of the unrealistic a few times per year, I might as well do so when the payout is huge.

    I hear it said, "What, you wouldn't want to win if the jackpot is only $20 million?" If I'm not going to say that prayer twice per week, I might as well say that prayer when the false advertising says the jackpot exceeds nine digits. (Telling me the pre-tax value of a 30-year annuity is a nice marketing scam, but I prefer to think of it as false advertising.)

    I get the appeal of lottery games, instant or otherwise, for those who want the occasional dream of a big win. The convenience and big prizes provide access to a dream that a good 3:2 blackjack table can't, even if you have one in your state.

    And the point of the lotteries: they generates revenue at a better rate than any tax on cigarettes would.
     
  7. Breeze147

    Breeze147 Button Man

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    Solution, start attending SLAA meetings. (State Lottery Addicts Anonymous).:thumbsup:
     
  8. AndyAkeko

    AndyAkeko Time magazine's 2006 Person of the Year

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    I used to buy multiple tickets ($20/wk max, normally around $10) until somebody once asked in a chat room if buying 10 tickets meant you were 10 times more likely to win. So I did the math and yes, using the 6/49 draw you have a 1-in-14 million shot of winning, but a 10-in-14 million or 1-in-1.4 million shot if you bought 10 tickets. Makes sense. Then I put it in decimal form:

    1 ticket: 0.0000000714%
    10 tickets: 0.000000714%

    And that was the day I stopped buying multiple tickets. :)
     
  9. Gomar

    Gomar Low-Roller

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    does it work for slots? playing 10 lines for 0.10c each instead of 1 line for $1? Do slot odds get better on multiple lines, or just speeds up your loss?

    Playing 10 tickets of Numbers does get you from 1:1000 to 1:100; it doesnt work on MM, PB.
     
  10. tringlomane

    tringlomane STP Addicted Beer Snob

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    Um, when you hit a $50k winner, yes, it was you. Even on a $20 scratchoff that's still a 2500 for 1 win. Now it's quite possible you've given a good chunk or even all of that back (the less the better), but more people than I want to even dare think about play $50 a week for life and never hit anything thing close to that big.

    But the odds of you hitting something that significant again is definitely not good.

    Slots are a better bet percentage wise...but...with slots it's like you're buying a more entertaining $1 (or more) scratchoff about every 5 seconds. :eek:
     
  11. lucky13

    lucky13 Low-Roller

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    state lotteries are the worst odds ever .....makes casinos look like saints
    I buy a ticket maybe twice a year , but to do it every week year after year ? well fuck no !!
    and the payouts are pathetic !!!! 3 numbers and you win $5 .....or 4 of 6 numbers and you win , say $100
    make the payouts at least higher , say 5 of 6 numbers pays 1 million or 4 of 6 pays 500,000 or 3 0f6 pays 100,000
    at least you win a good amount
    they say the money goes for education , but they keep raising property taxes,,,, what a scam
     
  12. jerseyguy

    jerseyguy VIP Whale

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    A friend "Joey Beans" won a million on a scratch off.

    He's a happy guy. Very happy guy. Some guys are just lucky,he can put a hundred on a roulette number and the damm thing will hit.Beans is a good guy, so I'm happy for him.
     
  13. ClownHo

    ClownHo High-Roller

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  14. Gomar

    Gomar Low-Roller

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    NY Sweet Million is $1m for 1:3.8m so yes above is bad. But, you do have 12 chances, and it costs $1. Compare to NY $20 scratch offs.

    Betting $10 to win $5k:
    NY Numbers 1:1000 straight $500x10; Same odds as Win4 1:10000,
    10 tickets becomes 1:1000 straight;
    QD: 7spot is 1:41000. 10 tickets becomes 1:4100, with lower prizes+ %50 days making it the best overall game.

    BTW, Take5 jackpot is split, as is MM, PB, Lotto.
     
  15. Gomar

    Gomar Low-Roller

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    The NY $10,000 week for Life $20 card has $100 for 1:35.
    Which is why I am considering dropping Numbers, Win4, T5 in favor of scratch cards.
    Ifcourse, in all of above, except QD, you need to hit on exact numbers drawn to win jackpot. If draw is 318 but you have 328 you win bubkas.
    T5 jackpot is shared; QD best bet is 4 and 7 spots. In fact, for same odds as T5 QD pays $70,000 not shared.
     
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