Why is it that hotel maids and road workers win the huge jackpots? Are the odds against middle class people? Find out in this article what your chances of winning the lottery really are – and how to improve your chances, even if only slightly.
LINCOLN, Neb. (AP) — After fleeing the war-torn Republic of Congo, Alain Maboussou found work at a Nebraska meatpacking plant. Now he plans to quit that job and return to school after winning part of a record $365 million Powerball jackpot, one of the biggest lottery jackpots in U.S. history.
News like that gives us hope and makes us fantasize about what we would do if it happened to us, while we are thinking about whether to buy more tickets.
Is there a better set of numbers to play?
Would buying one more ticket improve our odds?
Why do hotel maids and road workers always seem to win?
The lottery: Facts and fiction
Poor people always seem to win
Answer: False. On December 25, 2002, an already wealthy Jack Whitaker of West Virginia won $314 million in the Powerball jackpot – the largest U.S. Lottery payoff to date.
In fact, many lottery officials estimate that the big jackpots tend to attract wealthier people to enter.
But, studies show that it is actually low-income people who spend the most on lottery tickets – the 20 percent of the players who contribute 80% of the lottery money are all low-income people.
Thus, it is not only poor people who win, but they spend the most on tickets and thus have the biggest chance to win. Also, you hear more about it, because it makes a nice news story when a poor person wins, but everyone has the same chance.
You have to play a lot to win
Answer: False. Although Geraldine Williams, who won the Mega Millions, regularly played and won small prizes, spending more money on tickets doesn’t significantly increase your chances – you can be just as lucky with one ticket as with two when the odds are so small. For example if the odds of winning are 1 in 135,000,000, then buying a second ticket just gives you two chances in 135,000,000.
But, of course, if you don’t buy any ticket, you won’t have any chance to win. So, to steer luck your way, buy at least one ticket.
Buying a lottery ticket is your best chance to get rich
Answer: False. But, unfortunately many people believe it to be true.
In a survey done in 1999, 40% of people said that they thought that winning the lottery would be their best chance to gain $500,000 in their lifetime.
But, the fact is that if you wisely invest just $100 per month, then you have a huge chance of building up $500,000 in wealth (or more) in your lifetime due to the miracle of compound interest.
There is a lady in the USA who never earned more than $2.75 per hour in her lifetime, but she saved millions (without winning any money), simply because she saved a large percentage of her small income every month. The magic of time and compound interest means that it doesn’t matter how much you earn, but what percentage of your income you save and how long you keep doing it.
How to play smart (smarter)
If you like the excitement of playing the lottery and want to do it, go ahead, but follow these golden rules:
Golden rule 1: Play only for fun.
Golden rule 2: Play only if you can afford it.
If you are playing because you have to win, don’t. If you have to make money, rather invest.
So, if you are doing it for fun, what is the best strategy? Follow these tips:
Understand the odds.
Did you know? When more people buy tickets, your chances of winning don’t decrease – they stay the same. For example, your odds of winning in the Powerball are always 1 in 120,526,770 – no matter how many people play. But, when more people buy tickets, the amount you can win increases.
Be different.
Don’t play numbers that are frequently played by other people, because then you’ll have to share your winnings with more people. Thus, don’t use dates, because many people have their birthdays and anniversaries on the same dates.
Photocopy your ticket.
Keep the original in a safe place, apart from the copy. Write your name on the ticket somewhere, with the words “ticket owner.” People have been awarded prizes by being able to prove that they indeed owned the destroyed ticket. If you buy tickets with a group of people, photocopy the tickets and give everyone a copy.
Check the numbers.
An estimated 12% of lottery prizes go unclaimed, according to the Multi-State Lottery Association. In 1998, someone forgot to claim a $34 million Lotto payout. Check your ticket.
Enter contests with better odds
Your odds of winning the lottery are 1 in 120,526,770 — pretty slim. In contrast, your odds of winning in the following free contest are better than 1 in 100,000 — 1200 times better! Thus, for every 1200 times that you win a small contest, you’ll win the lottery once.
Thus, enter this free contest now and stand a chance to win $1000 (US Dollars) cash to spend on a party with your friends. And, it won’t cost you anything to enter the contest – entry is completely free of charge!
Good luck!
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