The $80,000,000 went off tonight to one winner in Victoria.
I played a cheeky 12 game ticket but we all know how that went.
Do you play the lottery? I only play if it goes over 40 Million.
Do You Play The Lotto/Lottery?
iNeed2Pee on 12/08/2021 - 21:17
Last edited 12/08/2021 - 21:34
Last edited 12/08/2021 - 21:34
Poll Options
- 107YES I play the Lottery.
- 351NO I do not.
- 353Sometimes I play
Comments
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- 2
someone said to win the jackpot you have an odds of 100million in 1 or something
I had my az shot yesterday, wish me luck ;)
Drink more water for few weeks :)
Yes it is ridiculous, some spend $100s get nothing, others buy 1 ticket get the lot
The lotto is a tax for people who are bad at maths.
Sadly in your case - 0 / 130…?
ha! that sucks… better luck next time.
A bit off topic but… it’s weird how $80million is a lot of money, but it’s also not that much. ie you couldn’t even buy whatever you wanted e.g. a luxury super yacht. Even a nice house in a premium Sydney suburb would take a decent portion of it.
Idiot as if you wouldn't be set up for life with that kind of money I could easily buy any house I needed for 1mill if I wanted to be a snob maybe 5mill you don't need to buy the most expensive house in the country seriously. I dream of even winning 10mill to help all my relatives and set myself up a little bit there are many ways to make the money go further without being ridiculous. For us humans who live on an average income a million dollars is like a dream. So 80 million would make everyone in my family and a few mates into millionaires!!!
is the odds still the same everyweek if one were to play week after week?
Say powerball has a 100m in 1 chance of winning the big one, if I were to play 130 games every week, does my odds actually improves overtime? Or is it still stays the same?
You can increase your odds with a powerhit, thats a guaranteed powerball. I bought a share with 104 people for 39 Powerhit games. It was only $8.88 a ticket. Havent ran it through the machine yet,
Just don’t cause a scene with the cashier if you don’t win anything Pam
why would I do that Jacko?
is the odds still the same everyweek if one were to play week after week?
Say powerball has a 100m in 1 chance of winning the big one, if I were to play 130 games every week, does my odds actually improves overtime? Or is it still stays the same?
No, because the winning numbers changes every week, there's no correlation between the draws.
However, if you play 130 games in one draw, then your chance is improved by 130 times.
Probability of winning "Power Ball" (the game on Thursdays) is about 1 in 134 million. So even if you play 130 games in one draw, your odd is still only about 1 in a million, and it costs $160 to play.
If you play the same set of numbers every week theoretically the odds are better
I play lotto with the knowledge that the odds are essentially zero. When I buy a lotto ticket, I consider that money gone for good. As pathetic as this may sound, what I’m actually buying when I buy Lotto is the opportunity to daydream with a small sense of hopefulness.
Don't let anyone stop you from dreaming! There are plenty of other less responsible ways to blow your cash. Just keep it irregular! I usually wait for it to go above $20m
There are plenty of other less responsible ways to blow your cash.
Honestly, not really. Even drugs and alcohol give you a product which has a tangible benefit, even if it isn't the healthiest choice.
I'd rather spend $50 on a bottle of scotch to enjoy at home over several occasions with my wife and $20 on a lotto ticket than blow $200 on piss at a club in one night and come home with sticky shoes. Each to their own though
I think that winning some serious money would probably destroy my life like it does for most lotto winners. One mill would be nice though.
If you look up a few of the studies that have been carried out on this topic you will find that the 'destroyed their life' result is very much in the minority. Yes, there have been the well publicised media reports of meltdowns and bankruptcies but they are the few rather than the rule.
eg.https://www.nber.org/system/files/working_papers/w24667/w246…
"…large-prize winners experience sustained increases in overall life satisfaction that persist for over a decade
and show no evidence of dissipating with time. "
Stock market is risky enough for me, lotto is almost a guaranteed loss. I’ve heard it called a tax on hope.
Sadly it’s a big problem for those who can least afford it.I made a spreadsheet to keep track of my wins/losses, and after 70 games over two years, have decided to stop (my last game was prior to this $80m). It’s a good reminder for me the ratio leaning heavily in the losses.
The odds of winning the first division of any major lotto game in Australia are pretty astronomical - eg:
Saturday lotto = 1 in 8 million
Monday and Wednesday lotto = 1 in 8 million
Set for Life = 1 in 38 milllion
Oz Lotto = 1 in 45 million
Powerball = 1 in 134 million etc.For the optimists out there, here's a different perspective - I recently read that last year there were about 340 first division winners in all forms of lotto. When compared to the Australian population, that's 1 in 75,500 people…every year. It's even lower when you discount those who don't play any form of lotto.
Yep, and tell those 340 people they shouldnt have bought a ticket cause the odds are against em
That doesn't change the fact that 99.87% of Australians (assuming everyone plays) don't win a large amount every year. The majority of them would be better off putting that money in the bank, or investing it in managed funds that allow small additions every week (like Spaceship).
Everyone likes to think they're special and will hit that 1 in 8 million jackpot. You won't. I would bet money on it.
You play SFL for a week. So better chances?
Nope - all odds are based on one game per draw. With SFL your odds are the same - just nightly instead of weekly.
Have buy have hope. No buy no hope.
The odds are so so so low that I have a rule. If the jackpot goes above 50M I buy a ticket.
The only reason is that at 50M+ why not.. and also 50M+ jackpots don't happen often enough that you'll be spending $100 of dollars.
All I want is to win $400k to pay off my house and live a simple and comfortable life… Is that too much to ask?
Never heard of anyone winning those "Art union" lotteries where you win a house, few cars, ton of gold, few diamonds, boat or 2 in a great suburb worth millions…
Same with scratchies… never won more than $5 bux in 30 years..
Well I do play those Home charity/raffles lotteries. Helps knowing some of it goes elsewhere.
This guy won on a scratchie while re-enacting a previous win for the TV cameras: https://youtu.be/6R5MqxcKdV8
I knew someone who won a waterfront property in one of the rsl draws. They were leaving in a housing commission house prior.
After about 6 months their new waterfront house was a dump. Last I heard they sold it.
Who buys takeaway coffee/bottled water each week? Do you get a return on those drinks sometimes?
They do.
But most will flush their returns down the toilet.Do you get a return on those drinks sometimes?
Yes. it's called "getting a drink". the guy who spends $5 on coffee always ends up with more than the guy who spends $5 on lotto.
Only the big ones, and only when i remember.
I've actually considered whether it makes more sense to "invest" in lottery tickets than it does for crypto currency.
Most people are looking for massive gains and it's all a big gamble. Why not buy tickets where at least you're guaranteed a few million or so with much less capital risk?
You can hardly compare investing in cryptocurrency to playing the lotto.
If you play lotto, you are statically likely to lose. While you may get lucky it's incredibly rare as others have commented.
Cryptocurrency is an actual technology with real businesses, employees and functional uses. You control when and what you invest in. If you don't research or watch the market (or you invest in scams) then yes you'll probably lose your money. But you have some form of control over what happens, unlike lotto.
I occasionally buy a lotto ticket.
Eh, to each their own. Crypto to me is basically gambling/lottery style. You could lose all your value in bitcoin tomorrow without too much needing to happen (governments ban it for example - similar to recent China bans).
Haven't seen any strong use case for it yet, except maybe purchasing illicit stuff? Has no practical uses otherwise.
I don't play the lottery, as the chances of winning big are so close to zero that it's like burning money.
Imagine the MCG completely full on grand final day. 100k people packed in. Now imagine 81 such MCGs, all full. One person out of those 81 MCGs full of people is going to be selected as the winner of the Saturday lottery.
That's your chance of winning.
Still feeling lucky?
Our team at work use to chip in like maybe a $1 each or so if there is a big one just for fun. Usually we might play a game or 2 a month.
I only play if it goes over 40 Million.
That's be honest, it doesn't make any difference.
Same could be said about the Melbourne cup, its like blindly throwing a dart, but we all do it anyways
I would like to be too smart to play x lotto. But no. It occasionally sucks me in.
I throw money in the bin when the lottery jackpots over 20m
I signed once to an online lottery dealer and played once. ~3 years later and never touched it again
I play every week but I only play tats sat / wed lotto minimum lines on auto repeat $3.30/$2.40 each per week.
Sure its probably not a good habit but it's comparable to someone buying a coffee once or twice a week, and no coffee is ever going to potentially return ~$1m.
Those lottos dont really go higher than that that, other than the super draw, but this is largely due to the odds being better than the rest 1 in 8m.
Is it a waste of money? Maybe, but already have pretty aggressive saving rate (I'd hazard a guess that it's higher than the majority of the people calling people who play the lotto stupid) and I see this as the 2 in 8 million chance of shortcutting my savings plan.
It's a pretty passive form of gambling and it's the only form of gambling I participate in.
Am I physically brain dead? No
So yeah, no.
Never. Fools game. I prefer to work hard for my money and not pin it on hopes and dreams that never transpire.
Seems like a decent split atm. It is hard not to play when it hits $80 million.
I mean I gamble with products I buy from this site, so why not gamble with $15 for the chance at $80 million right?
Hell, if you want to gamble try Russian Roulette, it has better odds and you won't care if you lose.
You have to be in it to win it but the odds don't drastically increase above 0 regardless of how many entries are placed. When the prize starts to look too tempting I place the absolute minimum entry of 4 games which cost <$5. The habit cost me ~$60 a year which isn't too bad as vice goes.
Yes we play occasionally, I appreciate it is not a good investment.
It's exciting to be in the running even though we never win more than the ticket price at best.
Jeez people get so righteous about this.
I play some games, usually less than 50 bucks a week.
For context, I don't drink coffee, hardly drink alcohol, am generally really frugal and have the income to save about 3k a month after paying my mortgage plus 1k extra In top up payments.Think I've got my personal finances in order enough to drop less that 50 bucks a week on lotto. And we all know the odds are low, but they're not zero. Imagine if the bloke who won last week listened to the advice of the anti lotto crew and didn't buy a ticket.
He'd still be supporting his family on a cleaners wage. Good for him. I'm stoked he won.I only buy a ticket when I come across a really nice house on realestatedotcom that I would like to buy. Then I go to the Porsche website to option up a 911. Sadly, I haven't been able to proceed with either purchase yet.
I do the same, except for the car bit.
Unfortunately winning the average first division prize you're likely to get an average home in Melbourne or Sydney, that's the sad state of affairs with the current (and certainly future) property market.
I don't think you should buy a lotto ticket because you need the money, if you do then you are spending money you cannot afford. You should play with money you can afford to lose (and chances are you will) then do not check results on the night and dream hoping you will get that phone call the next day. Don't feel bad no one called you, you still have a chance you won the other divisions. Tell me that's not fun.
I don't know, I once gambled at the casino because I wanted to buy a jacket, I was about $70 short, so I bet on roulette, I won so I got the jacket. If I didn't win I would be $70 poorer and no jacket. Not life changing.
Good one TEER3X, I remember back in the day at the old casino in Sydney and we go for the dinner buffet for $20, I would on entry go to the rollettes and bet $20 on red or black, if I win I got free dinner if lost that dinner cost me twice.
i buy a lotto ticket once a year. so far with my winnings I'm up $2, but only cause I won $50 once
I do if it's an 50m or more usually and buy the minimum tickets. I get my fun out of planning what I'd do with myself, and designing my dream house.
It's the only gambling I do. The price of admission is worth the day dreaming.
I've never spend any money I can't afford to lose on the lottery though.
did anyone won lotto through the ticket bought through lotto app?
with google approving lotto purchase through APP it seems more and more people will jump on app while newsagents will leave their business.. IMO.
I never spend more than the smallest prize you can win.
Eg. Powerball smallest prize is about $11.
I spend about $9.
If I only win the smallest prize, I'm always ahead!hashtagwinning
I only play when the jackpot's value has lifechanging money, so Monday, Tuesday, Wednesday, Thursday and Saturday only.
Friday night is for the punt 😂😂
We looked into buying a newsagent a few years ago, 3 we looked at most of there profit is from thelott, ironic that newsagent pricing is based on lotto sales (yes we signed NDAs)
No better then a pub pretending to be family friendly, while making millions of elderly addicts.After that have avoided it.
the lottery is a terrible bargain. even among gambling its a terrible deal. if you want to gamble better off playing cards or the pokies. at least for those your expected return is between 80-100%, also theres a game involved.
I think you need to look at your odds again buddy.
slot machines by law in australia must return above something like 80-85% of the money you put in on average depending on the state laws. in queensland these odds are displayed on the machine.
many card games are zero sum meaning assuming you are averagely skilled mean that you on average will make the same amount you put in. so the expected rate of return is 100%.
even many casino games like roulette have a higher rate of return because the house edge only needs to be very small for the casino to make money so the rate of return for roulette is something like 95%. im sure somebody who plays roulette will be able to give a more accurate answer here.
as far as I can tell the expected rate of return for a lotto ticket is often around or lower than 50% based on looking at multiple websites calculating the odds since I am too lazy to do it myself. but they are much more qualified than me so I would trust their results a lot more. after all they probably have degrees in mathmatics, whereas I only did first year statistics.
here is an easy to understand explanation of how badly you're being f**ked by the lotto: https://www.businessinsider.com.au/powerball-lottery-expecte…
Most people that gamble (I'm in this pool) don't care too much about value, unless you're betting sports professionally.
It's about the enjoyment, pokies are fun, but I don't play them because I'm worried about addiction, I do gamble on other things mostly because of the thrill and chance of winning something.
I realize that im just pointing out that most forms of gambling actually have much better odds and are more fun than the lottery.
If the lotto paid out 95% of the revenue as winnings that would be fine. But they do all those bullshit grants to look good so I doubt it's a fair deal. Also newsagents get a cut for no work, you could do it all online.
Same thing when a company excessively advertises. I'm thinking how many $ of mine are going towards marketing rather than engineering and materials of a quality product. Obviously they have to do it but it makes me think carefully about the value equation.
Better off going high roller roulette with 1 zero at the casino or a slightly informed sports punts.
I play Tues,Thurs,Sat every week, setup through the app. It costs me $14.30 a week total to play 4-5 lines on each.
I'm happy to gamble that money every week for the tiny amount of chance of winning something substantial one day.
Waking up to the "Congratulations" email is always a buzz though :P
What has 6 balls and screws poor people? The lottery…
I used to play Powerball or OzLotto each week depending on which was the bigger draw, but instead of throwing $30+ a week on a single ticket that rarely won, I’ve always been a massive NBA fan so I started putting two $0.50c multi bets on a couple of NBA games each day. One being a pretty possible multi that would pay a hundred or so, and the other a crazy one that would pay thousands. Treated it all just like lotto anyway but I won quite a lot of the small bets but never any of the massive ones, but all up I’m way ahead of what I spent and the games I’m home to watch I’m heaps more invested in an enjoy more than when I just checked a lotto ticket late on a Tuesday or Thursday night.
I would be careful about betting on sports, because if you're too good at it, they make it impossible to win…
No, chance of winning is so ridiculously small. I'd rather save the money and use it for something else.
Please educate me on this. Are there real winners? Or do they hire someone, give them a few thousand dollars and ask them to pretend they won?
I've never trusted them enough, plus the chance of winning is pretty much zero. My money is better spent elsewhere.
Have you watched 'The Island' recently lmao
The chances of winning the lottery are very very low, and most people understand that to a reasonable extent. There's nothing inherently wrong with making a very low probability bet with a very high potential return.
The key issue, and the reason why I never play the lottery, is that the 'return to player' percentage is very poor for lotteries. The company keeps a very high percentage of revenue compared to some other gambling options, which in effect makes it so that you are paying a premium for your bet, above a reasonable expectation of return.
I only play over $80m
There are a few posts here that say that investing small amounts in assets doesn't work. They're right that it doesn't work for impatient people.
The legal age for gambling in Australia is 18 years. The links below show the backtested gains someone could've had if they were born in 2000 and started to invest on their 18th birthday (give or take a few months).
The investment time is medium-term with $10 DCA p/w over 1320 days with a total capital of $945.
https://files.ozbargain.com.au/upload/393946/90729/screensho…
https://files.ozbargain.com.au/upload/393946/90730/screensho…
https://files.ozbargain.com.au/upload/393946/90731/screensho…I'm sure someone here can do one for stonks, ETF, or other funds and get a similar result.
People who want instant gratification are more likely to end up with less than those that practice delayed gratification.
Also need to look at survivorship bias as you may not be simulating dollar cost averaging on dead coins and stocks the results being $0.
Logic would dictate that there is a jackpot value whereby the expected return of a lottery ticket would turn positive. I would imagine it would be in excess of $100m however, even taking into account minor prizes.
This is the only time when an OzBargainer would gamble.
Someone smarter can do the maths as I’m not smart enough.
To win lotto is like 8 mil right?
I find it crazy that someone wins Powerball which is like 160 mil odds?..
$80m last week, 50 cents to your dollar.
*not a scientistI was speaking about odds of winning not the jackpot
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still worse chances than getting az blood clot