Lottery is a rip-off

[Shannow]

Originally Posted By: Pablo
I think your usual (political) diatribe against private business left a couple things out.

States promise all kinds of good things with lottery money to get the lottos in place. It's doesn't take too long before the money goes into general funds and is pretty much squandered like most all of our collected by force moneys.


Not diatribe against business, but would you sell your job (income)...forever...for 2-1/2 years pay ?

Made zero sense, and now somebody is collecting $400M p.a. and I don't think they are building roads, hospitals, or any other boondoggle out of it. Lest you consider that a knock against private business...the Govt was stupid, and shortsighted, wanting the cash now, rather than a continual revenue stream.

BTW, nice work on your usual (political) diatribe against Govt.

Personally, I'd rather that there was no lottery, private or public, or at least a series of one off apportioned lotteries a couple of times a year.

 

[Gary Allan]

I wouldn't say that. I'd say playing and expecting anything other than a snowball's chance in July of winning is foolish.

There are legions of couch hopping homeless that are addicted to scratch off tickets. Many of them hit substantial amounts ($700-$1000) ..but plow every dime they have into buying more ..expecting that occasional $700 hit to become routine ..or arrive "just in the nick of time" to pay their share of the rent or whatever.


Our governor (I think) wanted to have slots used as some revenue stream for education. There was a big localized political debate over if and where. I wrote an op-ed piece explaining to people that gambling doesn't create a dime of revenue. It merely focuses it. Every dime into the slot doesn't go into some other cash register.

I really don't think anyone really understood a word that I wrote.

 

[Panzerman]

I play about $5 a week, I have hit it for $8000($5500 after taxs and a severe background check to make sure I didmt have any parking tickets, unpaid fines or back child support, before they paid me). I win about once a month, anywhere from $5 to $20. Like I said, I only play $5 a week though, sometimes I ll go $7 if its really a big jackpot. Thats about $60 a year, thats seems like a worthwhile shot at instant retirement. Actually I like those odds better than the stock market or social security. I do think its idiotic though when I watch a 70 year old play about $50 worth of tickets in front of me. At that age, could I even still enjoy being a millionaire.

 

[Pop_Rivit]

Originally Posted By: Jim 5
A smarter man that me once said that lotteries are "voluntary taxes for the stupid".


Agreed. He's a smart man for saying it and you're a smart man for heeding the advice.

 

[Pablo]

Originally Posted By: Panzerman
Like I said, I only play $5 a week though, sometimes I ll go $7 if its really a big jackpot. Thats about $60 a year....


Quote:
Lotteries are financed by- some say they are an unfair tax levied on- the mathematically challenged.

 

[crazyoildude]

yeah unless you win

 

[mechanicx]

It does seem bogus that the lottery advertises a jackpot then taxes it when the whole thing is essentially a tax. I think spending a $1 on the super lotto is reasonable since your chances goes from zero to at least something no matter how minute for a small amount of risk. The problem is a lot of people risk way too much of their money.

 

[GROUCHO MARX]

Originally Posted By: RTexasF
I doubt the winners think it's a rip off.


Certainly not the jackpot winners.

They write the odds of winning on the back of the tickets.

Caveat emptor.

 

[tmorris1]

Man would I be mad if I only won $20 million of my $55 million off my $1 investment.


I wouldn't call it a scam because everything is presented up front.

 

[dwendt44]

I win something every week. Some spend more on cigarettes than I do on the lottery. $10-$20.

When they first started the lottery in Wis. the pay-out annuity was 20 years. When Powerball came along, it went to 25 years.
Now it's up to 30 years. I'm sure that has something to do with the low interest rate since that's how annuities are valued.

Still, I'd like to see a third option. Take the single payment of 55%; the 30 year annuity; or a 75%-15 year annuity.
A winners situation is different for everyone.
Some get reamed by those 'structured settlement' firms like Peach Tree or J.G. Wentworth, etc.....

 

[Shannow]

We get it all now, and tax free.

Some of the scratchies offer $50k per year for 20 years

 

[Ursae_Majoris]

Seems like it went over everybody's head.
To expand on Pablo's comment,

There are 52 weeks in a year......

$5 a week.......

 

[Tempest]

Lotteries are a regressive tax on the poor since they play it far more often.

When California instituted a lottery they claimed it would send more money to schools. So they simply sent 34% of the lottery money to the schools and removed the equivalent from the original school budget. The net effect is that schools become dependent on the lottery and the schools are no better.

 

[Gary Allan]

Yeah, but no one took the money at gun point like they they seem to do from you all the time.

Don't you get nervous with all those guns being pointed at you, Tempest?

 

[Shannow]

Since it's voluntary, then it's not a tax...is that right ?

 

[Gary Allan]

I guess the poor contribute the most to the lousy education system that created their own lack of upward mobility. A socio-economic degenerative breeder reactor.

Brillia..

 

[SteveSRT8]

Gary, that is spot on.

There are many 'systems' in place that keep the poor poorer.

But if you only knew how many of my degreed friends and acquaintances work in fields completely unrelated to their 'higher' education...

 

[jimbeamalki]

Worked at a place that sold lotto and scratch tickets. Daily 'pick 3' was popular (paid around $100 if hit). Had a customer who played at home--every day he'd pick 5 daily-3's and put 5 bucks in a cigar box. Every time he 'hit', he'd take $100 out of the box and spend it. Said the box was always full of money.

 

[Pablo]

Originally Posted By: Ursae_Majoris
Seems like it went over everybody's head.
To expand on Pablo's comment,

There are 52 weeks in a year......

$5 a week.......




Many people have me on ignore. Or something.

 

[refaller]

Maybe it is the lottery supported public education's fault. I have a friend that plays $10 a week. I tell him I am about $520 a year ahead of him- don't think he ever figured it out.

ref