Lotto Mania: Jackpot almost 2/3rd of a billion

Discussion in 'Economics' started by peilthetraveler, Mar 30, 2012.

  1. Jackpot was just raised a little while ago from $540 million to $640 million. If nobody hits it this week, we are sure to see a billion dollar drawing next tuesday. Jackpot has increased about $280 million since 3 days ago.

    People want it bad and each state is drooling over the proceeds they will receive if it hits in their state.

    With the amount of tickets bought, its very likely 2 or 3 people will get it tonight though.
  2. And the winners will be broke 5-7 years later with a huge debt on the books as well.
  3. There was a blurb on the news (NY tri state area) that the NY state lottery commission said that a million tickets an hour were being bought.

    Someone will win it because the amount of the prize, when graphed over the most recent interval, is in an unsustainable trajectory (bubble) and we know how that ends.

    Who should we blame for this bubble:

    teachers unions
    Community Reinvestment Act
    Bill Clinton
    Ben Bernanke
    Magna Carta
  4. But wouldnt you like to have 100s of millions of dollars for 5 to 7 years?
  5. Eight


    dudes.. I got 5 numbers! I already had my reward, the part where my brain floods with endorphins while I'm dreaming about the life I'll lead with the winnings. I just had a dose of Kratom an hour ago too.. whew!
  6. S2007S


    I always find it funny how many more people play when the jackpot is bigger, what confuses me are the people buying hundreds and probably thousands of dollars worth of tickets.

    This is what confuses me, the average person who probably doesnt play is buying a ticket now because of the news and because of the size of the jackpot, now you are trying to tell me these people buying tickets now for the $600 million prize dont think a jackpot of $10 million or $25 million is a life changing experience???

    I dont know about you but for the average person living in the US $250,000 can be a life changing experience since nearly 50,000,000 people live in poverty!

    So why do so many more people play when the jack pot is bigger? Is an $8 million dollar jackpot not much, after taxes of around 50% you can do big things with $3-$4 million dollars you know!
  7. Do you think it's wise to buy lotto tickets EVERY TIME just because the lower figures are still "life changing"?


  8. Well everyone knows that if you ONLY win $10 million that you will probably go broke after 5 years. But if you win $100 million, it will take you 10 times as long to go broke!! :)

    But seriously...I think its almost like a cheap high. When the jackpot is big and you buy a bunch of tickets, even though you know the odds are against you, you feel good. Like you are going to win. When you don't win, you only feel bad for less than a minute. What other drug can give you that. An upper for 3 days, and only a 1 minute downer.(if that!)
  9. wartrace


    I've seen people buy what had to be very close to their entire paycheck on these "big drawings". It is pretty sad that somebody would think that 5 or 6 hundred bucks worth of tickets is going to substancially increase their odds of winning.

    I'm not a big fan of the government run numbers racket. The payout ratio is so low it would make the mafia blush and it sucks in people that can least afford to piss away their money.
  10. But, psychologically, it helps keep the masses in line as anyone can win hundreds of millions. If the possibility didn't exist, many peoples situations would be utterly hopeless.

    #10     Mar 30, 2012