Mission146
Mission146
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May 7th, 2021 at 12:32:25 PM permalink
Anyway, there's no putting a price on hope---but that's because hope is costly and it would be an impossible task to figure out how much has been lost because of hope.

One must eventually stop hoping and concern oneself with only those things that are real or have a concrete way of becoming real. As they say, "Hope is not a plan."
Vultures can't be choosers.
billryan
billryan
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Mission146
May 7th, 2021 at 1:23:49 PM permalink
That is the line one has to beware of. I only play lottery once or twice a year when the jackpot is insane, but have no problem with people buying a ticket or two.
I had a roommate in the late 80s who took home $220 a week and spent $22 on the lottery. He fully expected that he would hit it at some point. It was his retirement plan. That was so wrong but he didn't want to hear about it.
For many people, a dollar could change the course of their lives.

At my age, a big win would involve more of a legacy than a huge change of life.
100xOdds
100xOdds
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Mission146
May 7th, 2021 at 1:45:07 PM permalink
Quote: Mission146

Greetings!

This was a massive project that I did for WizardofOdds that has just gone up if anyone wants to take a look:

https://wizardofodds.com/online-gambling/articles/the-lottery-sucks

How bad are traditional forms of lottery (Instant tickets and Drawing games) in terms of return to player? How much do the residents of your state, on average, lose to traditional lottery in a year?

These and other questions will be answered on the WizardofOdds page, "The Lottery Sucks," in which I analyzed the game returns and losses per resident in every state that has a lottery.

By the way, do you know five states do not have a lottery? Try to write down which five you think they are before reading the page and see how many you get right!

Anyway, this took forever because I researched the Annual Lottery Report for each individual state in order to determine the returns on traditional lottery games and indexed those to determine what the loss, per resident (includes children) is to traditional forms of lottery.

For Delaware, in the table on the bottom of the page, I included the Delaware Sports Lottery and also Lottery that includes revenues derived from casinos, separately, just to give people a general idea what the numbers look like for states that have those going through the lottery department. West Virginia, for example, would have one of the greatest losses per resident in the entire country if these things were included, but are below average on loss/resident for traditional lottery revenues because there are more popular (and better returning) legal ways to gamble in the state.

Anyway, feel free to have a look and see how the states compare! Please leave any comments in this thread.

NOTE: I indexed my findings to average loss per resident rather than using lottery revenue per resident because, in my opinion, listing the actual dollar amount loss is more impactful for demonstrating how terrible the lotteries are.

WORST LOTTERY GAMES: Powerball, Mega Millions

BEST RETURN % LOTTERY GAMES: $20+ Instant Tickets (Horrible Expected Loss $$$ Amount, Though)

CHEAPEST GAMES BY EXPECTED LOSS (PER PLAY): $1 Instant Tickets, $1 Keno (Sometimes, and if available), $1 Pull Tabs (If Available)

havent read it yet but noticed "Written by: Michael Shackleford" at the end??
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
Mission146
Mission146
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May 7th, 2021 at 1:57:12 PM permalink
Quote: 100xOdds

havent read it yet but noticed "Written by: Michael Shackleford" at the end??



I also noticed that, but I donít really care. Iíll ask for that to be corrected if Wizard wants me to, but Iím not worried about it.
Vultures can't be choosers.
100xOdds
100xOdds
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May 9th, 2021 at 8:43:40 PM permalink
Quote: Mission146

You should mention the potential tax obligations to her. JK

Although, mentioning the increased probability that she ends up sharing the jackpot might be worthwhile. Also, what could she do with $400M that she couldn't do with $50M? She must dream REALLY big!

i read an article in the past 12 months that said $30M is all a person needs to do whatever s/he wants for the rest of their life. (and maybe something related to happiness)

but i cant find that link (and i spent 2hrs searching for it just for this reply)
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
onenickelmiracle
onenickelmiracle
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May 10th, 2021 at 12:34:12 AM permalink
Quote: 100xOdds

i read an article in the past 12 months that said $30M is all a person needs to do whatever s/he wants for the rest of their life. (and maybe something related to happiness)

but i cant find that link (and i spent 2hrs searching for it just for this reply)

$75000 a year I remember being mentioned for happiness or maybe being middle class or both, so it makes sense.
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Mission146
Mission146
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May 10th, 2021 at 2:39:07 AM permalink
Quote: 100xOdds

i read an article in the past 12 months that said $30M is all a person needs to do whatever s/he wants for the rest of their life. (and maybe something related to happiness)

but i cant find that link (and i spent 2hrs searching for it just for this reply)



Iím sorry you werenít able to find it, but if it helps, Iíve read something similar.
Vultures can't be choosers.
billryan
billryan
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May 10th, 2021 at 6:38:33 AM permalink
Was that post tax or pre-tax?
100xOdds
100xOdds
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May 10th, 2021 at 7:08:22 AM permalink
Quote: onenickelmiracle

$75000 a year I remember being mentioned for happiness or maybe being middle class or both, so it makes sense.

that's annual salary.
the $30M i was talking about is net worth.

Quote: billryan

Was that post tax or pre-tax?

pretax for $75k/yr salary, post tax for $30M net worth.

cant believe my google powers failed in searching for that $30M article.
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
billryan
billryan
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Mission146
May 10th, 2021 at 8:12:59 AM permalink
Quote: 100xOdds

that's annual salary.
the $30M i was talking about is net worth.

pretax for $75k/yr salary, post tax for $30M net worth.

cant believe my google powers failed in searching for that $30M article.




Either way, the sums are nonsense. Less than one percent of the people have a net worth approaching that. Are we to assume 99% of the people aren't happy or financially secure?
I am quite happy and financially set for life and don't have a fraction of thirty million dollars.

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