How It Works – Playing the Lottery the Right Way Increases Your Chances of Winning
If you’re a lottery player, odds are you know that the winning numbers are randomly chosen. But you might not know that the odds are actually better if you play smaller games. In this episode of How It Works, Richard shares his personal experience with the lottery and gives advice on how to maximize your chances of winning.
The lottery has long been used by government to distribute scarce resources. These could be anything from kindergarten admissions at a reputable school to units in a subsidized housing block. Today, the most popular lotteries are those that dish out cash prizes to paying participants. These are sometimes called the financial lottery or “gambling” but they’re really just a form of distribution based on chance.
There are two reasons why people continue to purchase lottery tickets: The first is the irrational belief that it’s possible to become rich without having to work for it. This is why so many people dream about tossing off their “manual labor” jobs and becoming a “millionaire.” It’s also why sports fans love the draft lottery system in which NBA teams select their players.
People who play the lottery may be exposed to gambling addiction. But compared to other vices that governments promote in the name of raising revenue, like alcohol or cigarettes, lottery gambling is relatively harmless. The other reason is that the jackpots are often too large for people to resist, at least in the short term. Super-sized jackpots not only encourage people to buy tickets, but they generate a windfall of free publicity on news sites and newscasts. That’s a big part of why jackpots grow to apparently newsworthy amounts more frequently than before.
Lottery players should always choose their numbers carefully and stay away from any number that has sentimental value. It’s also best to avoid playing a single number or a sequence that others might also be playing. Purchasing more tickets increases your chances of winning. But don’t overdo it-it can be easy to spend too much money on tickets and end up broke.
When you win, don’t share your news with the media or social media until after you’ve consulted with your attorney and accountant. It’s also a good idea to keep your winnings in a safe place that’s only accessible to you. You should also consider getting a full-time employee to help you handle the business side of things.
State governments often rely on the message that, even if you lose, you’re doing a good thing by buying a ticket. That’s especially true for sports betting, which is supposed to be good because it raises revenue for states. But the percentage of state revenue that comes from lotteries is a tiny fraction of what they’re raising for sports betting. And there are other ways to raise state revenue, including taxing people more fairly and reducing unnecessary spending. So, it’s time to reconsider whether state lotteries are a wise use of public funds.