Lottery mystery

[jymbee]

Why do some who never buy a lottery ticket with a 10 million dollar payoff, stand in line for hours to buy when the payoff is half a billion?
I don't get it. Never will.

 

[Chef Duane]

Dunno. Never been a lottery player or gambler myself. I guess the lure of instant riches is too much for some to resist.

 

[Boat Bum]

The lottery is a tax on the dumb.

 

[old RV guy]

NPR aired an hour long episode on the weekly "Freakonomics" show where they travelled around the country talking with lottery players. One was a blue collar guy in NJ who they interviewed outside a convenience store. He'd just dropped $600.00 of his $1500.00 paycheck on 3-$200.00 high stakes scratch off tickets and won nothing, he was debating whether to buy another ticket and how if he didn't win he was going to explain to his wife, losing half his paycheck.
Lottery playing is gambling, no different from standing at a blackjack table or sitting in front of a slot machine.
ESPN even airs an hours long M-F show dedicated to overs and unders for sports gambling. With a scroll at the bottom of the screen which in effect says " If you take the highly addictive drug we're urging you to take and become addicted ( which is why were urging you to take it) call xxx-xxx-xxxx ( because we care).

 

[Isaac-1]

Why do some who never buy a lottery ticket with a 10 million dollar payoff, stand in line for hours to buy when the payoff is half a billion?
I don't get it. Never will.

Here is my personal answer, $10 million is really about $3 million lump sum after taxes, which while would be a nice chunk of change, it would not be life altering for me. Sure it would help out, but afterward we would still live in the same house, day to day life would be much the same, maybe buy a new car or two, but that is about it. By contrast $500 million is $175 million lump sum after taxes, which is life altering, that is private jet and vacation house on a private beach kind of money.

As to being a tax on the dumb, I see it as entertainment / stress relief, for the price of a candy bar, you get to dream of a chance, though a very slim chance of getting life altering amounts of money.

Having said all that it looks like Powerball is up to almost $93 million for tonight, ($31 million lump sum after tax), Mega Millions is slightly higher at $110 million, but the tickets cost twice as much now, which is getting into that life altering range, maybe not enough to afford owning a private jet, but certainly enough to rent one for travel.

 

[old RV guy]

Here is my personal answer, $10 million is really about $3 million lump sum after taxes, which while would be a nice chunk of change, it would not be life altering for me. Sure it would help out, but afterward we would still live in the same house, day to day life would be much the same, maybe buy a new car or two, but that is about it. By contrast $500 million is $175 million lump sum after taxes, which is life altering, that is private jet and vacation house on a private beach kind of money.

As to being a tax on the dumb, I see it as entertainment / stress relief, for the price of a candy bar, you get to dream of a chance, though a very slim chance of getting life altering amounts of money.

Having said all that it looks like Powerball is up to almost $93 million for tonight, ($31 million lump sum after tax) which is getting into that life altering range, maybe not enough to afford owning a private jet, but certainly enough to rent one for travel.

That's one way to view it. Another is your chances of winning a 10 million dollar lottery, while infinitesimally small, are exponentially greater than that of winning a 500 million dollar lottery.

 

[Boat Bum]

Isaac, you are not the type this saying is characterizing, however, the guy below...

One was a blue collar guy in NJ who they interviewed outside a convenience store. He'd just dropped $600.00 of his $1500.00 paycheck on 3-$200.00 high stakes scratch off tickets and won nothing, he was debating whether to buy another ticket and how if he didn't win he was going to explain to his wife, losing half his paycheck.

 

[RNS1]

I have never seen the headline "Psychic wins lottery"

 

[Chef Duane]

The lottery is a tax on the dumb.

I've heard it said that it is a tax on the poor as it plays upon their hope of changing their circumstances. Although playing the lottery is optional and taxes are not.

 

[old RV guy]

I've heard it said that it is a tax on the poor as it plays upon their hope of changing their circumstances. Although playing the lottery is optional and taxes are not.

All gambling is a tax on the poor, if you're doing it and you're not poor, you soon will be. Gambling, like opiods, alcohol, smoking and other pleasures cause the brain to release dopamine into the system. That warm soothing sensation one feels from a high of any kind is dopamine release. Some people can do it and are unaffected, others however become addicts.
My most relatable experience was the rush I felt just after the anesthesiologist opened the line to the IV and told me to count backwards from 100. It was the best five seconds of my life.

 

[Chef Duane]

All gambling is a tax on the poor, if you're doing it and you're not poor, you soon will be. Gambling, like opiods, alcohol, smoking and other pleasures cause the brain to release dopamine into the system. That warm soothing sensation one feels from a high of any kind is dopamine release. Some people can do it and are unaffected, others however become addicts.
My most relatable experience was the rush I felt just after the anesthesiologist opened the line to the IV and told me to count backwards from 100. It was the best five seconds of my life.

But gambling is optional, taxes are not. That's why I say it's not really a tax. Nobody says "You can't avoid death and gambling."

 

[Babe2201]

You were able to count from 100 to 1 in 5 seconds? That is impressive.

All gambling is a tax on the poor, if you're doing it and you're not poor, you soon will be. Gambling, like opiods, alcohol, smoking and other pleasures cause the brain to release dopamine into the system. That warm soothing sensation one feels from a high of any kind is dopamine release. Some people can do it and are unaffected, others however become addicts.
My most relatable experience was the rush I felt just after the anesthesiologist opened the line to the IV and told me to count backwards from 100. It was the best five seconds of my life.

 

[old RV guy]

It was by tens

 

[old RV guy]

But gambling is optional, taxes are not. That's why I say it's not really a tax. Nobody says "You can't avoid death and gambling."

Yes I know, the sun doesn't technically go down either but we get the meaning.

 

[OldWEB]

But gambling is optional, taxes are not. That's why I say it's not really a tax. Nobody says "You can't avoid death and gambling."

Addictions are with you for life.
Maybe a regressive tax...

 

[old RV guy]

Addictions are with you for life.
Maybe a regressive tax...

They are.

 

[Chef Duane]

Addictions are with you for life.
Maybe a regressive tax...

Only if you let them be. There are many who have overcome a gambling addiction. But I understand what you mean. The addiction is there, one just keeps it in control.

 

[RRR]

The lottery is a tax on the dumb.

And maybe about three times a year I'm dumb!

 

[jymbee]

And maybe about three times a year I'm dumb!

No matter how hard might try to dissuade someone from buying that lottery ticket with its 300+ million to 1 odds of winning, you just have to let it go when that person responds with: "Well, someone has to win!" and mutter under you breath, Yeah, but it ain't gonna' be you.

Saying this I have to admit I've softened my anti-lottery rants over the years realizing that perhaps if someone buys a ticket or two then dreams of what would happen if they won, even knowing full well they won't, I guess no harm done.

 

[DonTom]

$10 million is really about $3 million lump sum after taxes, which while would be a nice chunk of change, it would not be life altering for me.

But would a billon bucks change your life? I don't think it would change anything with my life.

Many people think more is better and with no limit. That explains why the lotto lines are longer when the numbers are larger.

And it's not just with money. Can a motorcycle be fast enough for some people? Loud enough (imagine if there were no laws on this). Can junk "music" be loud enough for some?

-Don- Reno, NV