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Wed 6 Oct, 2004 04:53 am
Any opinions?
The National Lottery in the UK is a bit of a scam, if you ask me. When it was set up about 10 years ago, several companies bid for the operation, including a few which were to give all monies (after operating costs) as prizes and to the Good Causes (charities etc).
The company Camelot which won (and which has sucessfully re-won the contract a few years ago) is a public listed company, with shareholders, so a % of the ticket sales goes as pure profit to them. I thought that this was wrong, that not all the money went as prizes or donations.
If lotteries were not a scam, there would be more millionaires. Ever been to Vegas?
It feels like a scam to those who constantly lose, but those who have won seem to like it.
I worked with a man who won 11 million, he was one of the nicest people I've ever met, it was nice to hear that hapened to him.
Lotteries are tough on the poor since they eat up a larger percentage of disposable income but they are legal. The stories of lower class winners who had a whirlwind few years with their winnings and then reverted to bankruptcy are truly sad.
They're not a scam in the sense that the government is obligated to pay monies that are won.
However, that having been said, they're a terrible way to spend your extra cash.
I can't recall who said this, but lotteries are a voluntary tax on the unsuspecting. And they are. It's a lot better to invest in stocks if you have excess cash and are looking for a return, the odds are better (assuming you do your homework) and it's not public, so you won't be bothered by every scam artist out there, if you make a profit.
Every now and then the lotteries around my area get up to some insane amount like 200 million. That's when I don't buy a ticket, it's to much.
"To whom much is given, much is expected" Not sure I would be as responsible as I should.
I wouldn't mind winning enough so my dad could retire though, he works so he can have health insurance for my mom.
I agree with the above, because I'd not made it clear in my post that I was talking about the operation being a scam, rather than the concept. "A tax on the stupid" has been used in the media here quite a few times!
I gave up playing the lottery years ago, and prefer to bet on the football (soccer) with my pocket change, as I believe my chances of winning small amounts consistantly are better than winning a large amount occasionally, or never.
As usual, jespah is correct in the sense that they are not legally a 'scam'. However, the odds are definitely not in the buyer's favour. Caveat emptor. If you want to gamble, blackjack gives you the best odds.
Grand Duke wrote:I agree with the above, because I'd not made it clear in my post that I was talking about the operation being a scam, rather than the concept. "A tax on the stupid" has been used in the media here quite a few times!
Do lottery players
really not know they are losing money on average?I'd say they know, and I doubt they're playing the lottery as an investment strategy; they're playing it for getting some kind of thrill out of it. Profit doesn't seem to be the point for the players. But I wouldn't know. I've never played it.
Thomas wrote:Grand Duke wrote:I agree with the above, because I'd not made it clear in my post that I was talking about the operation being a scam, rather than the concept. "A tax on the stupid" has been used in the media here quite a few times!
Do lottery players
really not know they are losing money on average?I'd say they know, and I doubt they're playing the lottery as an investment strategy; they're playing it for getting some kind of thrill out of it. Profit doesn't seem to be the point for the players. But I wouldn't know. I've never played it.
I play a single buck for every powerball drawing just for the one in 2mil chance - no buck - no chance :wink:
Nothing wrong with that...I find the dollar let's me dream for a little while, and I like that.
Amen, amen, pan. I don't play the lottery, but I do stop by the 7-11 on occasion to make an equally stupid purchase: a pack of cigarettes which I have to smoke outside. A couple or few bucks spent on tickets every week is a bad investment, but for many folks the possibility, however improbable, of winning is dream-like; something to look forward to on a Saturday night. What if...my numbers come up.
Cigarettes are bad, but please don't criticise me for buyng them. I think Starbucks coffee is way over-priced but if that is how you want to spend your money, what do I care? And if people want to buy lottery tickets despite the odds, why not?
Curiously, I may have spotted something unusual about the numbers recently.
Any computer programes that can help.
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