My return on investment analysis. For the lottery.
This is an unscientific analysis, it is based on my observations over the years I have been playing.
- Regarding lottery Scratchers it appears that I win some but over time end up losing half of whatever I spend. This is for $1, $2, $3, $5 and $10 Scratchers.
- Regarding the big lottery drawings, Mega Millions and Powerball, I end up losing 100% of whatever I spend on tickets. In other words I do not win a jackpot or a large amount of money, i.e. anything other than the occasional $2 or $4. This has been true for 20 years.
So, the lottery is a lousy bet. It's fun. It's exciting. But, so far, it's a loser. Until I win a $100 million jackpot, or more. The way I see it, my odds of winning millions of dollars are 50%. Either I will win millions or I won't win millions. 50/50 chance. Yes, that's a statistic joke. A math joke.
