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When the prize gets big, sales explode because infrequent players buy tickets.
Right.
People who apparently don't think winning $100,000,000 would be all that life-changing think winning $500,000,000 would be super-duper life-changing.
"Whoa! Now I could buy five times as many mansions, yachts, and private jets! I'm buying!"
If I were a lottery player (I'm not - the only ticket I've ever bought is a scratch-off that I damaged when I worked at a convenience store and was obligated to purchase it - I did, and I won my dollar back) I'd want an option where I could cap my potential winnings in exchange for increased odds. For example, if the pot was $500,000,000 I might want to select to cap my winnings at 1/20th that amount (ie, $25,000,000) in exchange for increasing my odds of winning by 20. Going from my net worth to $25,000,000 would be far, far more life-changing that going from a net worth of $25,000,000 to ... well, really any greater amount.
But then, that's probably why I'm not the target audience of the various lotteries.
Spend her last $4 on lottery tickets. A would say she has a bit of a gambling problem.
Also the women said they thought they won $18K but the top prize was $500. I don't get that.
Hmmm ... I must have missed the part where it said she spent her last $4.
Between herself and her mother in law, they apparently bought 36 tickets at $1 a piece. $36 between two people is not an outrageous amount (especially when you have reason to believe it's a sure thing), and there's nothing to suggest that it was the last of their money.
It was South Carolina's error. South Carolina should hold itself responsible to make it right. "Oh, sorry, it was a mistake" isn't good enough. Give each winning ticket holder $50 and a few free tickets.
My favorite line from this is the woman who is upset because she had been promising to take her kids to Disney but couldn't afford it but now she finally could! Until her hopes were crushed.
Maybe if she didn't play the lottery every day she'd have taken them to Disney multiple times by now.
I could be wrong but it appears that people figured out the lottery was printing flawed tickets (they were all winners) and they started buying them in bulk. This "winner" bought tickets in a few locations then gets upset when the lottery declares the tickets invalid. She won 18,000 on a game that only has a max win of $500 so she had to buy 36 tickets to win 18K.
I buy a lottery ticket maybe twice a year...maybe. It's always an impulse buy, but I'm not by any means a regular player. I'm sure I'm not alone in that once or twice a year impulse, no matter what your assumptions might be. What a downer to think you won, only to have it snatched away.
Me too, but it's not an impulse buy. I'll buy a powerball ticket when the pot gets above $584 million because my anticipated return on investment is then greater than 1:1
Odds of winning are 1:292,000,000. Cost of ticket is $2. Therefore, anticipated return on investment is 1:1 when the value of the pot hits odds times cost >>> $292,000,000 x 2 = $584,000,000.
But if I don't win it, it's okay because I've already done better! Less than 4% of the world's population is born American, and that's a lottery I am fortunate enough to have hit! Thanks mom and dad!
Hmmm ... I must have missed the part where it said she spent her last $4.
Between herself and her mother in law, they apparently bought 36 tickets at $1 a piece. $36 between two people is not an outrageous amount (especially when you have reason to believe it's a sure thing), and there's nothing to suggest that it was the last of their money.
Anyone with even half a brain would know the state would never pay out on it. It was almost like looting lottery style.
Thank you for clarifying. I didn't see a video. I read the story.
But considering that lotteries usually deal in cash only, she could have meant she used her last $4 of cash that she had. I've frequently said "I used my last $5" meaning cash on hand. It doesn't necessarily mean the last $5 to my name.
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Investment Advisor's Perspective
