If you are out there wondering if you are loosing money by not running up to the gas station every week to buy your lottery tickets then do not think to hard on this losing issue because you are really one of the lucky ones. The lucky people are they people that are not gambling their hard earnings away. Lottery ad marketing is targeted toward those that do not have the financial education to know how many lottery tickets to stop with. If you are worried because you are not playing, don’t be you are actually winning more interest in your bank account than in most cases ever in a lottery. Furthermore, most players get hammered by a 50% loss of capital on every ticket every day of the year if they purchase 25 a day. The net result for 99.999% of the players is unrecoverable losses, which can demolish hopes of a good family’s financial life. For example, a 50% payback rate will turn $20 million wagered daily in the state lottery into fewer than two cents within 30 days.
Lotteries are now in 40 states in the US. This is not including the Indian Casino Gambling, Riverboats, and Traditional casino gambling. The most popular lotteries are in California, Florida, Pennsylvania, and Illinois. Texas also ranks in the top five of debt due to lottery spending. We need to put a stop to raising state incomes by using poor people’s lottery losses. You will also see a possible factor in states like Virginia, Georgia, and Ohio that lottery losses could lead to higher payday loan applicants and bad credit consumers.
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