Have you ever seen those commercials and the billboards with the highlighting stories on how people got lucky with gold and won a million dollars lottery. And this made you to stop everything and buy lottery tickets for yourselves. After all, as the saying goes, you have to be in it to win it.
How realistic is it to actually uncover a precious money from a cheap piece of paper whose identity as either a winner or loser can be uncovered with loose change?
Lotto Blog sought to discover some themes, or find this true answer.
While it is not our goal to stop someone from chasing the figurative pot of gold, hopefully our results will provide some clarity into one’s chances of winning the lottery, while also offering some prudence before you decide to spend a small fortune on the chance to win a large fortune.
Of all the uncertainties that come with the lottery, one thing is for absolute certain: People love playing the lottery. In fact, each state in the U.S. has its own lottery with the exception of the following seven states: Alabama, Alaska, Hawaii, Mississippi, Nevada, Utah, and Wyoming.
For starters, the United States made $66,788,035,000 in income generated from all of the states’ respective lotteries. $42,278,889,000 of this was used for prizes, $3,180,173,000 was expended on administration, and $21,352,759,000 was the total proceeds remaining.
The U.S. Census Bureau’s population projection for the entire country in 2016 was 323,127,513. If we divide the total income generated from various lotteries by the total population of the U.S., then each American spends an average of $206.69 on lottery tickets per year.
North Dakota generated the least yearly revenue from their lottery ($25,841,000), followed by Montana ($55,451,000), Vermont ($104,861,000), New Mexico ($137,017,000), and South Dakota ($147,933,000).
Playing the lottery is an extremely risky investment that, more times than not, drains your bank account and your dreams of retiring on a yacht.
All data used for the lottery analysis on a state level was pulled from the U.S. Census Bureau.