Buy a Lotto 6/49 ticket, knock on wood, and you have one in approximately 14 million chance of becoming a millionaire. It’s quite intuitive.
Recently, the familiar Lotto 6/49 saw some changes to the game. Ticket prices are raised to $3 per line and the minimum jackpot increased from $3 million to $5 million. There are also additional “Free Play” prizes and the “Guaranteed Price Draw.” Despite these changes, the consumers will not likely see any significant boost to the return of their investment.
It’s interesting to note the consumers’ reaction to this raise in price. Most expressed their outrage and renounced buying tickets altogether. Some decried government for being too greedy and for exploiting those who can least afford the tickets.
The game is designed with the odds against the player. Since poor people are more likely to buy lottery tickets, are they taken advantage of? Buying lottery tickets is a statistically a lost cause. The player is aware of the odds, but chooses to participate anyway. i don’t think it is much different than spending your paycheck drinking at the bar instead. In a way, the money is better spent on the hands of government officials, who will provide services back to the community.