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The Lottery: Is It Ever Worth Playing?
When it comes to the lottery, no matter which game you play, your odds of winning are vanishingly small. For example, the odds of claiming the jackpot in a Powerball drawing are one in 292.2 million.
To put this in perspective, you have a:
- One in 186,978 chance of death or injury from a lightning strike in a given year
- One in 46,744 chance of dying from a hornet, wasp, or bee sting during your lifetime
- One in 27,925 lifetime chance of dying in a cataclysmic storm.
Most people would agree the likelihood they will suffer any of these misfortunes is pretty minuscule.
Key Takeaways
- Your chances of winning the lottery are extremely low, and they do not increase by playing frequently or upping the amount of money you bet with each drawing.
- Advertised lottery jackpots are the sum of annuity payments winners receive over decades; the alternative lump-sum payouts are much smaller.
- Prizes account for 50% to 60% of lottery receipts, which makes lottery tickets a terrible investment
- Lottery operators have reduced the odds of hitting
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