Lottery Tickets - Do You Spend Money to Test Your Luck?

[Deactivated] on 25/12/2019 - 14:55
Last edited 28/12/2019 - 12:12

no one has ever said good things about buying lottery tickets but people will buy them. Recently, my interest has grown in this topic and bought dime tickets and obviously didn't win but i haven't come to a conclusion yet. What if some bucks are spent every fortnight roughly under $12 on major draws as it would harm my bank anyway.

I was also thinking about adding more people in the pool so loss/win can be shared and more tickets can be bought.

How do you see lotteries? waste of money or worth a try. How much do you spend on it.

Please take a note that this is regarding lottery tickets not other gambling games.

Poll Options

  • 9
    Buy em
  • 54
    Do not buy em
  • 10
    Don't spend more than $50 p/a
  • 18
    Spend from $50 to $200 p/a.
Financial

Comments

  • trapper on 26/12/2019 - 20:11

    Lottery is the worst form of gambling because the 'house' takes such a massive share of the pot.

    Any normal casino has far-far better odds.

    • bai tu on 27/12/2019 - 04:22
      +1

      Only way to profit from lotto is to be the house. Buy shares in TAH, on the ASX. Virtual monopoly on lotteries in aus.

    • AbsX on 27/12/2019 - 14:09

      Except the employees of the "house" end up in a Chinese jail.

      Can't win either way

  • Zondor on 26/12/2019 - 20:54
    +2

    I just buy the minimum games when it's a big draw (Like the 150m).
    Probably only spend like $30 or so a year.

  • TheMindsetTraveller on 26/12/2019 - 20:54
    +5

    I have not played the lotto for many years now, I don't rely on "luck" to get ahead in life.

    I get the premise that "if you're not in it, you can't win it" but I have decided that I will bet on myself at life and making progress towards my millions but ultra more important, to find happiness and joy in no matter where I am in life.

  • 1Kenobi on 26/12/2019 - 21:05

    Do you pick your own numbers to try and improve your chances of winning?

    • cupcake on 28/02/2023 - 13:30

      Sometimes I pick birthday numbers but what about all the numbers over 31 that never get picked?
      It's easier for me to play auto pick numbers.

  • inyaface on 26/12/2019 - 22:00
    +5

    One of the few times I buy is when the entire office chips in for a syndicate. While winning would be nice, the real reason I participate is I am protecting myself if I become the odd one out and the entire office “retires”.

    • bai tu on 27/12/2019 - 03:59

      Ditto, how much would it suck to be the only one left behind after everyone else bails.

      • xoom on 27/12/2019 - 07:59

        Fun fact that has happened a number of times.

      • OldBugger on 27/12/2019 - 12:55
        +3

        be the only one left behind

        Well on the plus side, I'd finally be able to get some real work done

        • xoom on 27/12/2019 - 13:02
          +1

          Yeah. You gonna have to do all if you are the only one left.

          Joking aside. There was a special project with resources and manpower allocated. The project was canned after all but the boss filed their resignation after winning lotto.

  • clubberlang on 26/12/2019 - 22:13
    +7

    When I was a kid our next door neighbours who we were very close with won the lottery. I can't remember the exact figure they won but they bought a lake front mansion with a tennis court for $800k this was in the late 80's. My parents remained good friends with them and we as kids used to go over there to visit and felt like being in a castle. I can really remember the marble floors and more rooms than I could count.

    Not long after the win the couple had 'friends' coming out of the woodwork looking for money it created a lot of tension in the relationship. Not long after they separated got divorced and had to sell the house. 'Uncle Mick' as we called him always said to my dad winning the lottery was the worst thing that ever happened to them.

    • gromit on 26/12/2019 - 22:29
      +4

      'Uncle Mick' as we called him always said to my dad winning the lottery was the worst thing that ever happened to them.

      NO, not being smart about it and not telling anyone was the worst thing that ever happened to them. If I had won the lotto from the few entries I do I would not tell a soul, not even my wife. Invest the money, gradually change lifestyle where wanted and no one will be the wiser.

      • kev98 on 26/12/2019 - 22:58
        +5

        I can understand not telling people, but not telling your wife? You should be able to share anything with your partner.

        • Cluster on 27/12/2019 - 03:29
          +1

          You should be able to share anything with your partner, but in reality you would be a complete fool to do so.

        • bai tu on 27/12/2019 - 03:48
          +1

          Sure, but only if you can guarantee your partner won't then go and blab about it to anyone else.

        • gromit on 27/12/2019 - 07:21

          You should be able to tell your family, you should be able to tell your friends. Every extra person you tell increases the chance they will tell someone else. If you want to keep it a secret the less people you tell the better. My wife can benefit from such a win without knowing we had it, unless the win is so mind-blowingly large then no I probably would not tell and if I did tell I would greatly understate the size of the win.

      • ribbonsofnight on 27/12/2019 - 17:01
        -1

        good luck with that.

  • Sage on 26/12/2019 - 23:24
    +1

    I've tried a few times and never win anything or get close to breaking even so I rarely bother. It's a way to burn money that ultimately doesn't bring happiness.

  • Trying2SaveABuck on 26/12/2019 - 23:49
    +2

    I play from time to time big jackpots (ie +20m) but although i know it is almost impossible to win the ticket represents a little bit of fun.

    I had a $30~ ticket then the jackpot was $100m and the fun was talking to fellow dreamers of what i would do with the money if i won.

    I quite enjoy listening to other peoples dreams as well - ie being mortgage free, helping kids, world wide holidays, seeing family that live o/s they they havent seen in decades etc

    I deal with loads of patients who are elderly in my job and some play weekly and most of them have all had simple hard working lives it is nice to know if they still have dreams

    BUT

    I have only met 1 person who has won the lotto in my life and he had a pretty positive story about winning a million or so dollars around 30 years ago (which is probably like 7-10million now)

    He had 4 children and was a immigrant from Cypress he paid all his debts moved out of his rental brought himself a big family home he then purchased a house for ea one of his kids then went on an 8 month holiday…..

    Sure you play to win but the truth is you play to dream more then anything….

    But always keep in mind when gambling the house always wins so play for fun not to make money if you win thats the trill but never play more then you are happy to lose….

    For all the self righteous wanks saying 'they dont need money' whatever bullshit are talking out of there arse because if money wasnt important in life to them they wouldnt be on Ozbargin….

  • umoddbro on 27/12/2019 - 00:05

    Lotto is no different to gambling, you'll probably have better odds winning at roulette.

    • Cluster on 27/12/2019 - 03:27
      +1

      You have up to a 48% chance of doubling your money on roulette. You can win a round of roulette, maybe even a few. But play long enough and you will lose, every time. Queue the people who have discovered the Martingale betting system for the millionth time telling me I'm wrong.

      • ribbonsofnight on 27/12/2019 - 17:03

        Last Christmas my uncle was telling me about the merits of the Martingale system. He would not be convinced that it wasn't some sort of magic.

  • Cluster on 27/12/2019 - 03:25

    Your chances of winning X-Lotto are 1 in 8.1 million. Most people are terrible at mathematics and think they'll be that 1 in 8.1 million. No, you won't. Give up. Some people think they're special and can break the laws of mathematics, but they won't.

    • xoom on 27/12/2019 - 10:23
      +1

      I don't buy the lottery ticket because I'm a statistician master… or a mathematics God. I play because just like Lloyd from dumb and dumber says… so you telling me there is a chance?

      Kidding aside. I play just to be in it. Any chance is better than 0 chance not playing. Yes. Even 1 in 130 million is still higher than 0 chance. The fun to dream of what to spend if I win.

      For those saying that lotto is a tax on the poor explain my boss who is on a six figure sum who plays the lottery?

      • ribbonsofnight on 27/12/2019 - 17:04
        -1

        Lotteries don't tax the poor, they tax the stupid.

      • lostn on 27/12/2019 - 19:11

        For those saying that lotto is a tax on the poor explain my boss who is on a six figure sum who plays the lottery?

        And he'd be even richer if he didn't play.

        • xoom on 27/12/2019 - 20:55

          It said 'tax on the poor'

          He lives in a property he owns at mascot. Not exactly roughing it now.

          Doubt he plays the lotto often. Just the big jackpots. Also doubts the amount he spends on the lotteries is money he dont mind if he lost it. He probably spends more on coffee/breakfast.

  • stevenkw2t on 27/12/2019 - 07:17
    +6

    I bought a $2 lottery ticket in 1977. It didn't win anything so I concluded that gambling is a waste of money. I haven't gambled again.

    • ribbonsofnight on 27/12/2019 - 17:05

      I can't argue with your conclusion

  • Skinnerr on 27/12/2019 - 08:14
    +1

    My family has a standing tradition - instead of buying wrapping paper we wrap our presents in newspapers and buy eachother a multipick lotto ticket. We'd all rather be a bit richer than fancy paper.

    • ribbonsofnight on 01/01/2020 - 23:23

      I'd prefer the cash that would be spent on the lotto ticket

    • Heaps for Cheaps on 02/01/2020 - 17:10

      I love that idea. Why spend $4 for wrapping when a similar ticket can return millions. Nice idea A+.

  • furyou on 27/12/2019 - 09:57
    +1

    Statistically, 70% of comments that start with "Statistically," really have no statistical backing at all.

  • TEER3X on 27/12/2019 - 10:01

    I'm actually up on gambling but will almost certainly give it all back over time

    It's the enjoyment I get out of it. Not a problem gambler either as I gamble less than once a month. I do know some problem gamblers though, they never stop, even if they have won a large amount.

  • OldBugger on 27/12/2019 - 13:32

    I randomly enter a draw using the minimum possible game via the app, which is between $1.30 to $2.65, no more than once a week. I don't feel it's worth buying anything over the minimum number of games.

    Every now and again I'll win ~$25 which pays for the tickets. I'd probably spend $50 year.

    I was one number off the $100mill Oz last year on a $1.30 ticket. I'm not sure if I was more surprised to win anything over $25 or being one number off a life changing experience.

    • lostn on 27/12/2019 - 19:12

      there's a massive difference in probability between winning and being one number off.

      • OldBugger on 27/12/2019 - 19:26
        +1

        And the difference in payout reflects this

  • weee on 27/12/2019 - 14:54
    +1

    it's very simple, you throw in a bit of money it gives you bit of a hope to get out of this rat race, at least a man in Marrickville did that and he got off the rat race by winning the first division on OZ Lotto on Xmas eve, you don't invest it, you play it hoping to win big.

  • chrisd262 on 27/12/2019 - 17:18
    +1

    A friend has won the $2 jackpot first prize twice in 2 years!

  • sarahlump on 27/12/2019 - 17:34

    I played once and won. I don't think I'll ever buy another ticket. One win is enough. And I can keep my ratio.

  • lostn on 27/12/2019 - 19:09

    I do not.

    The odds of winning if you don't play are only slightly less than those who do.

    An educated gambler understands the concept of expected value. The expected value in this case is very negative. You're better off spending that money on roulette or pokies.

    If you spend $10 a week on lottery tickets, I guarantee that if you spent that same amount at a casino instead, you will end up with more winnings at the end of the year than if you bought lottery tickets.

    There's a famous quote that's very true: The lottery is a tax on the poor.

    • jonathonsunshine on 27/12/2019 - 20:33
      +1

      another way to look at is that your odds of winning are infinitesimally higher when you buy a ticket, when compared to zero?

    • Stopback on 28/02/2023 - 23:02

      If you spend $10 a week on lottery tickets, I guarantee that if you spent that same amount at a casino instead.

      Yes but opportunity cost of time.

      Going to the casino etc.

      Lottery ticket is fast

      Though winning at the casino much more likely and more memorable than

  • jonathonsunshine on 27/12/2019 - 20:18
    +1

    I buy lotto tickets whenever work does one or if I'm with someone else buying one, I'll play the same numbers. My rationale is that if all my coworkers won a million dollars and I turned it down, I'd maybe seriously kill myself…

  • acersaurus on 27/12/2019 - 20:32

    For every dollar spent on lottery tickets, the lottery returns far less to customers than virtually any other form of gambling. It is literally "your ticket to dream" you pay for a dream, not to win the lottery.

  • HKS on 28/12/2019 - 08:07

    i put $500 over this year and won enough to put me in a $5 profit lol. i cashed out $220 out of that 500 so i still lost. its fun to have the feeling you could be a millionaire.

  • wkaxon on 28/12/2019 - 21:46

    The house always wins

    • [Deactivated] on 28/12/2019 - 22:19
      +1

      Hope it's my house next time.

  • deme on 28/12/2019 - 22:32

    You don't have luck. No one does.

  • Blitz001 on 29/12/2019 - 08:51

    Gotta be in it to win it.

  • [Deactivated] on 02/01/2020 - 17:26
    +2

    A crazy update "After reading all of the comments on this post I decided to try my luck for the very last time and bought $12 lottery tickets and won last week's Jackpot :) I wanted to thank everybody on OZB but the 'post comment' button was broken because of a bug in coding. All of this happened in my dream that night - F'king unbeliveable!

    • Heaps for Cheaps on 03/01/2020 - 10:28

      It must have felt so awesome when you woke up, thinking about your new riches, life and new interests… & then over the course of a few seconds you came to realise it was just a dream. However, maybe you should buy $12 of tickets for this week :)

  • Hoobz on 03/01/2020 - 11:04

    I don't play often. Go through stages

    It's exciting getting email notifications of wins

    Scroll down the email…scroll scroll…congrats you've won…scroll scroll $23

    • [Deactivated] on 04/01/2020 - 10:16

      true.

    • sssbp on 05/01/2020 - 18:37

      Hahahah, I can relate!

  • legendarypoo on 06/01/2020 - 13:03
    +1

    If you dont go in a work syndicate, you will be the sorry employee going to work the next day.

    I dont want to be that person, so $5 per fortnight to ensure my sanity.

  • hasher22 on 07/01/2020 - 14:36

    I play to be in it and a chance. It's a numbers game.

    One guy could buy 1 ticket and win but another guy can buy 200 tickets every week for 10 years and not win.

  • Frozen Pizza on 08/01/2020 - 01:29

    I'd be lucky to play the lottery once or twice a year, but when I do decide to play its normally a big jackpot and I try to syndicate with a group of people because it lowers the cost for me and gives me more chances to win. Do I ever expect to win, no, the reason being because the odds of winning Tattslotto is over 1 in 8 million on a single game, but the question is why do I play if I know I wont win? The reason I play is because $5 isn't going to change my life, and I look at it as me paying $5 to dream of something that is now possible. If I were trying to make money through gambling I'd go to the casino and put $5 on red or black because you'd expect that 50% of the time I would double my money, but the thing is $5 will not change my life, $5 million will. If I had $10 spare per week to throw away I'd rather invest $500pa in high risk shares, at least the thrill lasts for longer than the time it takes to draw 8 balls out. So thats the reason I occasionally play the lottery, because $10 per year is all it deserves. I understand why people don't play it, but for people who do play it I'd only recommend losing an amount that will not effect your life or limit you from far more exciting opportunities.

  • cupcake on 28/02/2023 - 11:06

    Yes, I buy them hoping that I will win.

    • xoom on 28/02/2023 - 11:37

      Just like Frozen Pizza above. I play with money that if i lose say $20 i wont lose sleep over it.

      If i win then all the better.

  • lostgoat on 28/02/2023 - 11:41

    I only buy into the lottery when the nice regular players build a massive normally Powerball jackpot for me. Technically it gets above the odds but because there could be multiple winners no Professional Gambler could ever target it seriously.

  • lostgoat on 28/02/2023 - 11:47
    +1

    Op you need a $200 + in your poll . It would be the winner .

  • Hearthstone on 28/02/2023 - 13:40

    it is a game of chance
    could be life changing for $15 once in a while
    if not it only a few cup of coffee

    • xoom on 28/02/2023 - 13:42

      Exactly. I every now and again forgo my weekly coffee fix when in the office and buy a lotto ticket instead.

    • Stopback on 28/02/2023 - 22:52

      What if I only drink water.

      People who buy lotery tickets have a desperation mentality.

      And lottery tickets sell an idea of hope.

      It's interesting how humans work. You could work hard to improve a little bit or just do the easy thing. .

      Guess which part wins out

      • xoom on 28/02/2023 - 23:01

        People who buy lotery tickets have a desperation mentality.

        Not everyone. I agree a lot do but not everyone who buys a ticket has that mentality. Like i said my boss who lives in an expensive part of sydney. Owns the house. 6 figure salary. Drives an expensive sports car. Travels extensively.

        He has bought lotto tickets on a number of occasions. Usually when the jackpot is huge.

  • Motek Benzona on 28/02/2023 - 23:28
    +1

    I worked out that last year i had a win rate of about 25% on about 40 games of 12 games over the year. Small wins..usually saturday and big powerball draws are my go to. I do every number once and then fill with my set numbers. It means im going to hit all the numbers and i just need them to be in the right row. I think my hit rate is ok to keep this method. Do i expect to win..of course not might i win? You never know

    I did get 5 out of 6 about 30 year's ago too.

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