Connect with us

Gambling

Lottery Alternatives

Published

on

Colourful lottery balls in a lotto machine. Gambling machine and euqipment | Lottery Alternatives | featured

Lotto is played by millions of people worldwide in the hope of one day becoming lucky but for the vast majority of people, that lucky lotto day never arrives.

RELATED: U.S. Casino Industry Calls for Cashless Gambling Payments

Lottery Alternatives

The huge odds against winning the lotto ensures that millions contribute to the pool but only a few hit the jackpot. In New Zealand, a lotto player is required to select six drawn numbers out of forty.

It is called division One. The odds of anyone set of six numbers being the successful six are one in three million+.

Powerball is when you have selected division One + the Powerball number which is 1-10. The odds of winning a Powerball are so remote that one is more likely to be struck by lightning. Some mathematicians have described the lottery as a tax on stupidity.

At least 66% of New Zealanders play the lotto at least once a year. I do not know how many of them play every single week.

People who would otherwise consider themselves intelligent fall for the enticing advertising in order to participate in a gamble that is unlikely to succeed. Rationality simply goes out of the window.

A song and dance are made about the fact that 20% of all lotto sales are donated to various charities. What I have to say about that is the lottery sucks out more money from communities than it returns.

If one was simply donating to charities directly the person making the donation is able to claim 33% back in tax. (New Zealand). The advantage of donating to charity directly is one can choose who to give money to.

Lotto players will completely ignore all of the mathematical statistics with the argument, “You have got to be in to win.”

The problem with that kind of thinking is that few people ever do and often when they do win something, the payoff is usually one of the smaller prizes which are often spent on buying more lottery tickets or quickly frittered away in the blink of an eye.

ANNUAL LOTTERY SPENDING

If a lotto player spends $10 per week on the lottery that equates to $520 per annum. Think of what else could have been invested in or put to better use.

There are so many share market trading platforms around today that the $10-$20 per week spent on lottery tickets could easily be used to start an investment portfolio.

LOTTERY SYSTEMS

Many people will swear by systems; whatever you are told the statistical odds of any set of six numbers being drawn are the same, however, if you choose numbers or a combination of numbers that are not chosen by other players then you will share the prize pool with fewer players if it is your lucky day. This is the type of strategy used by some system promoters.

Do not be deceived into thinking that any system will increase your chances of winning. This is not true!

As far as finances are concerned, I am saying that the money spent on lottery tickets is better directed at investments where you at least have something to show for it.

You are welcome to use this article to post on your site, as content for your eBook, or share it on social media. Visit my site http://www.robertastewart.com for other articles on finance.

Article Source: https://EzineArticles.com/expert/Robert_Alan_Stewart/2287449

You Might Also Like:

Keep up to date with the breaking news by following us on Facebook and Instagram.

Article Source: http://EzineArticles.com/

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Copyright © 2020 Breaking News Alerts. This copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.

[email]
[email]