Comments on: How much do you spend on lottery tickets every year? https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/ Money | Minimalism | Mohawks Mon, 29 Jul 2019 12:07:56 +0000 hourly 1 https://wordpress.org/?v=7.0 By: J. Money https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/#comment-279993 Mon, 29 Jul 2019 12:07:56 +0000 https://staging.eliteedgemoney.com/?p=61397#comment-279993 In reply to RB Cavendish.

Love that you track how much you spend/win/lose on it!! I wonder how much it would affect others if they did the same too? Or if they’d still keep on playing regardless?

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By: RB Cavendish https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/#comment-279989 Fri, 26 Jul 2019 16:56:28 +0000 https://staging.eliteedgemoney.com/?p=61397#comment-279989 Lottery officials are catering to people’s desires to win really big amounts of money rather than reasonable/moderate ones.

When the CA lottery first came out it was 6 numbers & no mega. The jackpot was smaller (about $3M to start & incrementally increased by about $1M per week. In those days it was held once a week. typical payout was $5 for three numbers, about $40 for four numbers & $1500 if one hit five numbers…all 6 reaped the jackpot. People won regularly in those days though the payouts were smaller & after about 4-5 months when the jackpot hit $20M, there would be lines everywhere at liquor & convenience stores. The good old days.

Now it is hard just getting a mega number though the payout are way larger. It would be nice to see several people split/win those multi-hundred million dollar jackpots as $10M apiece should cover most bases in people’s lives. No need to be greedy or a spendthrift.

% on CA scratchers have also gone down…in 1995, I spent about $1700.00 on scratchers and had an eventual return of $1100.00 for about a 40% loss. Today it’s roughly a 65% loss so I play far less.

Depending on one’s perspective, winning BIG is either a ‘miracle’ (aka God’s plan) or a mathematical anomaly (if one happens to be an atheist).

Both schools of thought continue to play the lotto & scratchers regularly.

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By: J. Money https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/#comment-279973 Tue, 23 Jul 2019 17:48:58 +0000 https://staging.eliteedgemoney.com/?p=61397#comment-279973 In reply to Jerri Lyn.

Pretty interesting!! Had no idea this was a thing.

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By: Jerri Lyn https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/#comment-279963 Fri, 19 Jul 2019 18:14:14 +0000 https://staging.eliteedgemoney.com/?p=61397#comment-279963 In reply to J. Money.

On the website, you determine which game your want to play, what your numbers are (they’re fixed throughout the subscription period; you can choose your own or have them automatically generated), how many draws per game, do you want the multi-lier, and how long you want the subscription to run.

I recently discovered that I can have it auto-renew, which is awesome! Can you imagine having your numbers hit only to find out afterwards you forgot to renew? That would be awful! It’s set up to auto-renew every two weeks for $12. If I have winnings in my account, it deducts from that to pay for the renewal.

For the hard-core players, they have an option to set up a maximum daily withdrawal. I can’t imagine being that level of addictive, but I guess it’s a real problem!

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By: J. Money https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/#comment-279962 Thu, 18 Jul 2019 19:53:29 +0000 https://staging.eliteedgemoney.com/?p=61397#comment-279962 In reply to Jerri Lyn.

An online subscription?! How does that work? Do they randomly send you the numbers via email or actually mail you print tickets?! I’m intrigued!

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By: Jerri Lyn https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/#comment-279961 Thu, 18 Jul 2019 19:14:35 +0000 https://staging.eliteedgemoney.com/?p=61397#comment-279961 I have an online subscription to the Mega Millions, which is about $4/week, so $208 for the year. I have yet to win anything higher than $50, but the amount of joy I get *imagining* how I’ll spend the money is worth the stupid tax.

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By: J. Money https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/#comment-279942 Mon, 15 Jul 2019 14:30:47 +0000 https://staging.eliteedgemoney.com/?p=61397#comment-279942 In reply to Tara.

Yeah it is, haha….

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By: Tara https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/#comment-279941 Mon, 15 Jul 2019 14:22:51 +0000 https://staging.eliteedgemoney.com/?p=61397#comment-279941 We play the big powerball/megamillions if they go over $300 million, but usually only buy one ticket for our household (you can’t win if you don’t buy one, but your odds don’t increase significantly enough if you buy more than one). We also like to buy a few scratch-offs for holidays/birthdays, but usually limit it to $20 for birthdays and $5 for mothers/father’s/valentines/anniversary and then maybe another $20 or so in Christmas stockings. With the few I buy for other family members for similar holidays/birthdays, we maybe spend $250 a year on scratch-offs which isn’t too much, and maybe another $50 or so a year on the big number draws.

I do agree that one can go overboard, and I don’t win enough to justify spending more! Especially since considering all that money we spent ($300 a year) and we don’t have much to show for it! But it’s entertainment, so we view it as such. And it’s healthier than eating an ice cream cone, ha!

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By: J. Money https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/#comment-279857 Fri, 05 Jul 2019 10:33:27 +0000 https://staging.eliteedgemoney.com/?p=61397#comment-279857 In reply to Financial Advisor.

That’s a pretty good return!!

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By: J. Money https://eliteedgemoney.com/how-much-do-you-spend-on-lottery-tickets-every-year/#comment-279856 Fri, 05 Jul 2019 10:32:24 +0000 https://staging.eliteedgemoney.com/?p=61397#comment-279856 In reply to Greenbacks Magnet.

You must have very fun birthdays :)

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