$900 million lottery--why did you buy a ticket?

[billfish678]

@Qadgop_the_Mercotan

I throw $2 at the Powerball lotto whenever the jackpot goes over $400 million. It’s worth it to buy into the fantasy.

You can fix a buttload of prehensile rectums for that amount of bling.

[raventhief]

For the excitement. 900 million is a lot of excitement.

[Emtar_KronJonDerSohn]

I was leaving for work this morning and I thought “man, it’s a big power ball, maybe I’ll buy a ticket before anyone else is up and feel real smart when people are waiting in line a few hours from now.” But I didn’t. Same results though, I didn’t wait in line and I don’t win. But I also didn’t spend $2.

[Snnipe_70E]

Ity is an unbelievable amount why not. 2 tickets that is all.

[Happy_Lendervedder]

Because I could do a lot of good with that kind of scratch. I would give away 98% of my winnings, and still live like a king, and I would actually be able to make a difference with issues and causes that matter to me. Plus, like other posters, I don’t normally think about it until it gets this big. My wife made me drive five miles in the drizzly fog tonight to buy one. Yep, only bought one. We didn’t win.

We matched the 16, and were off by one digit on three other numbers.

[kaylasdad99]

Because apparently just walking into the Lottery office and explaining that I called “dibs” on the jackpot isn’t ENOUGH for those jackbooted bureaucrats to give me the money.

[Rigamarole]

Looks like nobody won tonight’s. Next one will be in the billions.

[markdash]

It’s basically just insurance against my co-workers winning and me being left out of it. I groan whenever they play and ask for more than $2 per person; I’m not really playing to win.

[Idle_Thoughts]

@Rigamarole

Looks like nobody won tonight’s. Next one will be in the billions.

I bought my first ever ticket for this one, I may buy my second ever ticket on Wed.

[Velocity]

I wonder what Bill Gates thinks about the country going wild for… $1.3 billion.

[kopek]

I bought one (and will again shortly) because someone is going to win and lightning just may strike me. I’m not much for any kind of gambling so say a million doesn’t do much for me. But multiply that by 200 or more and you got my attention and maybe my 2 bucks.

[Fiveyearlurker]

@billfish678

Because I can spend 20 to 40 million for a ticket into space and not even dent the budget. Maybe even get creative/risky and get to the moon (but that would probably blow most of it).

Honestly, even a measely mil or two would make me happy till I died easily.

With this kinda money, I can do some major assed shit.

But yeah, I RARELY buy a ticket just because the pot got bigger. I just a handful of times a year randomly buy one.

And I AIN"T ever standing in even a short line just to buy a ticket.

Wouldn’t your odds be better (not good, but better) of winning more money in a more modest lottery. Many people (myself included) only buy tickets when the number gets high. So, there is more chance of splitting the winnings. But at a more modest jackpot, you have the same (terrible) odds of winning, but a higher chance of keeping a bigger percentage of the pot.

There was to be some inflection point to maximize total pot size, but minimizing the chance of multiple winners.

[The_Niply_Elder]

@Peter_Morris

Lotteries usually have a negative EV. They might cost a dollar to play, and have 1 chance in 45 million of winning. You would have to buy, on average, 45 million tickets @ $1 to win. If the prize is a mere 3 million dollars, you’d lose 42 million dollars.

BNut when the prize gets really high, the EV becomes positive. You’d still have to buy 45 million tickets to win, but the prize is 900 million. You’d gain 855 million.

That’s the logic behind it. Personally I don’t play.

This is not quite true. The expected value of the lottery never is a positive number, it is always slightly negative.

[lalaith]

@lalaith

Three million dollars wouldn’t cover my dreams, no. Realistically, I couldn’t even start a free spay/neuter clinic with a lousy three million paid out over 30 years. That’s $100,000 a year. I couldn’t even build and equip the clinic for that, much less pay staff.

Yes, three million would cover me personally. But if I’m going to spend what little money I have on a lotto ticket, it’s going to be for a chance to do some of the things I dream about. Today as I was leaving the county animal shelter where I volunteer my Saturdays (because no one else in this city will give their Saturdays to the cat adoption room and Saturdays are our busiest day), I said if I won $800 million, I’d get with the county and build a new shelter.

Oh, I should clarify…I wouldn’t turn my nose up at three million. I’d be thrilled to win three million dollars. It’s just I’m not going to buy a lotto ticket for a three million jackpot. That’s what Publisher’s Clearing House is for and that doesn’t cost any money to enter.

[epbrown01]

I’d love to win the one after this one - no publicity whatsoever, at least none that anyone cares about. Heck, the Powerball people would just send an intern or something to give me my winnings.

[SmartAlecCat]

@The_Niply_Elder

This is not quite true. The expected value of the lottery never is a positive number, it is always slightly negative.

Even lotteries that roll over the pot when no one wins it?

[Rigamarole]

@The_Niply_Elder

This is not quite true. The expected value of the lottery never is a positive number, it is always slightly negative.

The expected value absolutely can and does go higher than the face value of a ticket if you are just considering the face value of the possible prizes. Although once you factor in the large reduction for taking the lump sum, and whatever taxes you’ll end up paying, it may not be anymore.

[The_Stainless_Steel_Rat]

@Jophiel

Because the lottery isn’t part of my day-to-day life or mindset. I don’t consider it until it reaches a size where its permeating the news/culture and I can’t help but think about it.

Concur. I also live in a state (Alabama) that does not have the Powerball Lottery, so I have to drive about 30 minutes to the Tennessee line to get tickets. If it gets large enough that it gets news coverage, I take a drive and buy some; otherwise it is simply not on my radar.

[minionkat]

I am Canadian and I bought one today. I live in a border town, so it’s not a big deal to do it. I did not make a special trip, like many others. I had been planning on going over this afternoon any way. I bought the ticket for fun. Now, I actually hope I don’t win. I can’t imagine the headlines if the jackpot went to a foreigner. With the dollar so weak, it is a lot of money though…

[The_Niply_Elder]

@Rigamarole

The expected value absolutely can and does go higher than the face value of a ticket if you are just considering the face value of the possible prizes. Although once you factor in the large reduction for taking the lump sum, and whatever taxes you’ll end up paying, it may not be anymore.

When the jackpot gets rolled over the lottery adjusts the odds appropriately. And since the lottery is run by the government, taxes paid on the winnings are the house take. If the expected value was ever more that the purchase price then any number of yahoo hedge fund managers would immediately jump in for a sure fire return on their piddly billion dollar accounts.