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Lotto is played by millions of people around the world in the hope of getting lucky one day, but for most people the lucky lotto day never comes.
The huge odds against winning the lotto ensure that millions of people contribute to the pool but only a few hit the jackpot.
In New Zealand a lotto player has to choose six numbers out of forty drawn. It is called Division One. The probability of any one set of six numbers being a successful six is one in three million+.
Powerball occurs when you have selected Division One + Powerball number which is 1-10. The odds of winning the Powerball are far greater than the odds of someone getting struck by lightning.
Some mathematicians have described the lottery as a tax on stupidity.
At least 66% of New Zealanders play lotto at least once a year. I don’t know how many of them play every week.
People who otherwise consider themselves intelligent fall for attractive advertising so that they can participate in a gamble that is unlikely to succeed. Rationality just goes out the window.
A song and dance is performed about the fact that 20% of all Lotto sales are donated to various charities.
What can I say about the fact that lotteries take more money out of communities than it returns.
If one was donating directly then the person making the donation is able to claim 33% back in tax. (New Zealand).
The advantage of donating directly to charity is that a person can choose who to give the money to.
Lotto players will completely ignore all mathematical statistics with the logic, “You have to get in to win.”
The problem with this way of thinking is that few people ever do it and often when they do win something, the payoff is usually one of the smaller prizes that is often spent on buying more lottery tickets or winking. gets wasted.
Annual Lottery Expenses
If a lotto player spends $10 per week on the lottery that equals $520 per year. Think about what else could have been invested in or put to better use.
There are so many stock market trading platforms around today that the $10-$20 per week spent on lottery tickets could easily be used to start an investment portfolio.
lottery system
Many people will swear by the system; Whatever you are told, the statistical chances of drawing any set of six numbers are the same, however, if you select numbers or a combination of numbers that are not selected by the other players, you may enter the prize pool. Will share with fewer players if it’s your lucky day. This is the type of strategy used by some system promoters.
Don’t be fooled into thinking that any one system will increase your chances of winning. it is not true!
As far as finances are concerned, I’m saying that money spent on lottery tickets is better directed at investments where you have at least something to show for it.
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