Mega Millions Lottery is Pathetic
Few top prizes awarded.
In Mega Millions, the chances of winning $1 million are 1 in about 18 million.
Compare that to Powerball: about 1 in a 5 million per $2 ticket, 1 in 10 million per dollar.
That helps explain why Powerball regularly produces millionaires -- and Mega Millions doesn't.
Read more at http://www.philly.com/philly/news/Pathetic_Top_prize_in_Mega_Millions_is_10000.html#M2oGj3u782zSYDm6.99
Everyone knows that multi-state lotto players have been suffering from "jackpot fatigue" this decade.
The $100 million annuity just doesn't move the needly anymore. No one really plays till it gets to $200 million... $200 million is "the new $100 million."
The public doesn't really start to take interest until the annuity jackpot is over $300 million.
So if more players buy tickets when the jackpots are larger, you have to make the jackpots larger more often.
Mega Millions decided to keep its ticket at $1 and make it harder to win the jackpot, thereby creating larger jackpots more often
Powerball decided to double its ticket price to $2, thereby creating larger jackpots more often. Powerball also has a much larger second prize, as it can afford to with its double-priced ticket.
The end result is that the games are a little bit different, which is a good thing. More choice for players.
I haven't compared the house edges of the games at their starting jackpots, but I suspect they are fairly similar around 50 percent.
I too only look at the Superprize and no one really thinks that a five dollar "prize" makes someone a "winner".
Anyway, the article is there, ... get whatever you want out of it.
Quote: sodawater
I haven't compared the house edges of the games at their starting jackpots, but I suspect they are fairly similar around 50 percent.
Both games are around 50% return before taxes with the "average jackpot" amount. Playing at the reset value is only for the true addicts. Particularly those that have fixed sets of numbers.
Quote: tringlomaneBoth games are around 50% return before taxes with the "average jackpot" amount. Playing at the reset value is only for the true addicts. Particularly those that have fixed sets of numbers.
Well some sucker has to build up the jackpot by playing with low jackpots. And there's lots of them.
I wouldn't go out of my way to play the lottery at -ev however Occasionally buying a lottery ticket is fun.Quote: tringlomaneBoth games are around 50% return before taxes with the "average jackpot" amount. Playing at the reset value is only for the true addicts. Particularly those that have fixed sets of numbers.
probably once every 5 years I might buy one or 2, if I'm out of state.
It's more about the fantasy of what you would do with the money if you won. I like hearing what people would do.
They make for good gifts and conversations. Its Better and more personal than giving cash, IMO.
If I Don't know what to get my dad(I would feel weird giving him cash) He enjoys the conversation about what he would do with the money. To me, thats the real value.
Never meet anyone who didn't like talking about what would they do if they won.
Ive heard people talk about what they would do if they ever win. I ask if they play, oftentimes they say no. I'm thinking how will they ever win.
Quote: AxelWolf
Ive heard people talk about what they would do if they ever win. I ask if they play, oftentimes they say no. I'm thinking how will they ever win.
Which brings up this old joke:
A Jewish guy called Jacob finds himself in dire trouble.
His business has gone bust and he's in serious financial trouble.
He's so desperate that he decides to ask God for help.
He goes into the synagogue and begins to pray...........
"God, please help me, I've lost my business and if I don't
get some money, I'm going to lose my house as well,
please let me win the lotto".
Lotto night comes and somebody else wins it.
Jacob goes back to the synagogue.....................
"God, please let me win the lotto, I've lost my business,
my house and I'm going to lose my car as well".
Lotto night comes and Jacob still has no luck!!
Back to the synagogue..................
"My God, why have you forsaken me??
I've lost my business, my house, my car
and my wife and children are starving.
I don't often ask you for help and I have always
been a good servant to you.
Why won't you just let me win the lotto this one
time so I can get my life back in order???".
Suddenly there is a blinding flash of light as the heavens open
and Jacob is confronted by the voice of GOD himself:
"JACOB, MEET ME HALF WAY ON THIS ONE, BUY A F**KING TICKET".
All joking aside, the teachers in Nevada are the ones pushing for a state lottery so as to get their hooks into the funding.
Knowing how bad a deal it is, the casinos don't want a state lottery skimming so much cream off top of the sucker's bankrolls.
As to the assertion that it takes suckers to build up the prize money to where it whets the appetite of non-suckers, yes. True.
Same with progressive slots and a good many other bets too.
Quote: AxelWolf
Ive heard people talk about what they would do if they ever win. I ask if they play, oftentimes they say no. I'm thinking how will they ever win.
Buying a single Mega-Millions ticket does not appreciably increase your chances of winning the jackpot vs. not buying one.
You're also far more likely to be killed on the way to the store to buy a ticket than to win the jackpot.
Quote: FleaStiffTop Prize Ten Grand.
Few top prizes awarded.
In Mega Millions, the chances of winning $1 million are 1 in about 18 million.
Compare that to Powerball: about 1 in a 5 million per $2 ticket, 1 in 10 million per dollar.
That helps explain why Powerball regularly produces millionaires -- and Mega Millions doesn't.
Read more at http://www.philly.com/philly/news/Pathetic_Top_prize_in_Mega_Millions_is_10000.html#M2oGj3u782zSYDm6.99
1 in about 18 million
1 in 10 million per dollar
statistically, not much of a difference.
thus for entertainment value, I rather spend $1 on Megamillions than $2 on Powerball.
I get the same enjoyment at 1/2 he price
Quote: AxelWolf
It's more about the fantasy of what you would do with the money if you won. I like hearing what people would do.
They make for good gifts and conversations. Its Better and more personal than giving cash, IMO.
If I Don't know what to get my dad(I would feel weird giving him cash) He enjoys the conversation about what he would do with the money. To me, thats the real value.
Never meet anyone who didn't like talking about what would they do if they won.
Ive heard people talk about what they would do if they ever win. I ask if they play, oftentimes they say no. I'm thinking how will they ever win.
I use it as part of what I do in my practice.
What would you do if you won $100,000, $500k or a million dollars.
It IS a way to discover what someone is really interested in doing, instead of what they ARE doing. Obviously, $100 million is a different conversation, but when you start with $100k, it is a lot of cash, but it isn't *life-changing*. It gets rid of the mortgage or a big chunk, or funds college for kiddo or grand-kiddos... $500k? For most folks, it starts the discuss of changing something in life going forward. And 1 million can give you what you need to retire, if you can be frugal.
And the answers that the wife and the husband may have can be completely different, and they need to be discussed and reconciled.
SFB
