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Lotteries: America's $70B Shame

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Re: Lotteries: America's $70B Shame

#11

I would never think of playing the lottery or engaging in any other form of gambling because I understand the odds are always in favor of the house. I understand that I'm going to lose money. What a terrible irony that we fund public education with a lottery that relies on participation by those who don't understand basic math? But I see this as part of a larger trend of preying on the poor. Watching far-right media,…

That depends if the prize is large enough then the pot odds are such it does make sense to bet on the lottery.

Re: Lotteries: America's $70B Shame

#14

I would never think of playing the lottery or engaging in any other form of gambling because I understand the odds are always in favor of the house. I understand that I'm going to lose money. What a terrible irony that we fund public education with a lottery that relies on participation by those who don't understand basic math? But I see this as part of a larger trend of preying on the poor. Watching far-right media,…

That depends if the prize is large enough then the pot odds are such it does make sense to bet on the lottery.

1. This basically never happens.

2. Don't compare to letting the money sit under a matress. Insteaad, compare with other investments.

Buying a lottery ticket doesn't make sense when measured purely in terms of profit, even when the expected profit is non-negative.

Re: Lotteries: America's $70B Shame

#15
This issue boils down to the proper function of government: ensure people's freedom to act as they wish (barring negative impact on others), or enforce the "healthiest" behavior?

Yes, buying lottery tickets for any reason other than entertainment is irrational. But does that mean it shouldn't be allowed? People are choosing to spend their money like this.

Personally, I prefer a government that lets people do stupid things -- e.g. buying a lottery ticket with the expectation of winning -- to a government that paternalistically enforces middle-class norms.

Re: Lotteries: America's $70B Shame

#16

A lottery is a better investment than other crap the poor often buy. Crack, TVs, xboxes, alcohol all have a EROI of 0. A lottery at least is >0 . Better would be if we sold partials of VT(I) in the store at lottery ticket prices. $2 for a near 0 chance at 1B, or $2 for a near 100% chance at $4 given enough time.

This is a sad truth that's a lot less flashy of a headline, so it's not surprising it's not covered. You're unlikely to see an article with the title: "People who buy stupid shit they don't need and can't afford shocked to find they are still broke".

Much easier to blame the lottery. Yes, poorer people like to buy lottery tickets. They want a chance to rise up and be rich, and there's really no other way most of them can ever do that.

Re: Lotteries: America's $70B Shame

#17

This issue boils down to the proper function of government: ensure people's freedom to act as they wish (barring negative impact on others), or enforce the "healthiest" behavior? Yes, buying lottery tickets for any reason other than entertainment is irrational. But does that mean it shouldn't be allowed? People are choosing to spend their money like this. Personally, I prefer a government that lets people do stupid t…

> "Personally, I prefer a government that lets people do stupid things"

What an ignorant statement to make. Are you okay with people making "stupid decisions" like smoking in public places ?

Are you okay with people making "stupid decisions" like driving drunk ?

Are you okay with people making "stupid decisions" like shooting up a school ?

Society works when we look out for each other - and not let people do whatever they think is "right".

Re: Lotteries: America's $70B Shame

#18
"When you play the lottery, sometimes you win and sometimes you lose. But it's better than using drugs or alcohol because when you use drugs or alcohol, you always lose" - "American Movie"

People who don't play the lottery are always so quick to dismiss it. They disregard how accessible it is - you don't need a next-gen console or flat-screen tv, just cash - as they disregard how independently fun it is - you could be sitting alone in a dark room with nothing but a lottery ticket in your hand and be perfectly satisfied with fantasies of winning. It's like discussing guns with people who will never use them.

Let's not get too carried away by sensationalism and look at this from a bird's-eye view: lotteries are great sources of revenue (better than state corporate income taxes? Holy cow!), they are low-health-risk (someone may need treatment for gambling addiction but it never hurts their lungs or livers), and they are easy to scale up and down.

If the regressive-tax-on-the-poor argument is too convincing for you to resist, then here's a solution: register lottery purchases so you can only buy $X in lottery tickets based on your $Y income. Just don't come crying to me when the state comes for your income and property taxes to make up the difference...

Re: Lotteries: America's $70B Shame

#19

I would never think of playing the lottery or engaging in any other form of gambling because I understand the odds are always in favor of the house. I understand that I'm going to lose money. What a terrible irony that we fund public education with a lottery that relies on participation by those who don't understand basic math? But I see this as part of a larger trend of preying on the poor. Watching far-right media,…

I was going to make a similar comment (i.e. lotteries are a tax on people who are bad at math) but I don't think that's entirely the case. My feeling is that it's more about desperation than calculation.

Re: Lotteries: America's $70B Shame

#20

I would never think of playing the lottery or engaging in any other form of gambling because I understand the odds are always in favor of the house. I understand that I'm going to lose money. What a terrible irony that we fund public education with a lottery that relies on participation by those who don't understand basic math? But I see this as part of a larger trend of preying on the poor. Watching far-right media,…

While I agree it does prey on tne poor, I don't agree that they don't necessarily understand basic math. While the expected value of a lottery ticket may be worth less than the cost to purchase, it still might make sense to purchase.
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