Lottery is a poor man's tax - page 4.

Mauser

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Quote from: Lorence.xD on October 27, 2020, 12:28:25 AM

Do you think that the pros of playing lottery outweigh the cons or vice versa?

Is government owned lottery a scummy way to tax the poor people?

How far are you willing to gamble to win the coveted jackpot (If you are playing lottery)?

I understand why economicst would say that a Lottery is a poor man tax because for every 1$ you put in, the value of your winninng is only around 75cents because of taxes. But this assumes a linear preference function which is wrong in my opinion. Do we really value $1 Million the same as 1 million times $1? It's very unrealistic that we can save so much to reach $1 Million, which makes lottery so attractive for most people. Sure most of us will never win big, it's only a lucky few you experience that. But for the once that do it, it's life changing.

Yogee

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Don't call it tax. Call it some form of "donation" since people are doing it voluntarily. They know the odds for winning is low but they still do it because one ticket is cheap.

Quote from: Johnyz on October 27, 2020, 01:35:22 AM

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I don't know if someone really win the money or our government is just using fake people so they can collect the award money which I think is possible to happen considering our corrupt government.

Some people are winning but you don't see their name announced on national television or social media for security purposes. You would often know someone won if the winner is close to your area.

Rigging the numbers would be difficult since the draw is done live but i wouldn't dismiss the possibility.

Lorence.xD

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Quote from: Genemind on October 27, 2020, 02:06:21 AM

There are controversies about it, there are rumors about it. Every election period someone wins the jackpot and even my father-in-law who works for a governor told us that there are instances that the lottery in our country is rigged and fake people are chosen to collect the jackpot for election money. There is no way for us to verify this but this makes sense since most mega jackpot are won during election perior or even prior to that.

That is really scummy for the people behind the curtains taking the jackpot after earning a profit from the sales of lottery tickets. There are controversy everytime money and officials in the government is involved, I do not get this people plundering the money of the people, is a lot of money worth to tarnish their reputation. The craziest thing you said is the lottery is rigged because they need to pull off this some kind of heist in front of their citizens watching the lottery draw. It could be a conspiracy but it also be true because there is no definitive proof.

Wexnident

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Even being a statistician wouldn't make you win lotteries. They can only calculate the amount actually required to achieve a certain success rate, but in the end, a 100% success rate is close to impossible, unless you buy out every ticket, but if not? Then you can only infinitely approach the rate of you actually winning.

Lotteries offer huge prizes due to the number of people that can actually join it, without burning a hole into their pockets. For a small price, there's also a small chance of them winning big, so it is technically a great business idea. Pros and cons? I doubt there's actually one when you're playing a game that relies on luck. It's like no matter how much you discuss the pros and cons there, there's really no changing the result of it, no matter what.

Genemind

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I haven't bet on any lottery games before even tho the prize is life-changing. The odds of being hit by lightning are higher than winning a lottery jackpot. Most people who bet on it are those who are struggling in life, clinging to that tiny odd to change their life in a snap. We cannot blame people and it's a gamble that they are willing to take.

Quote

I don't know if someone really wins the money or our government is just using fake people so they can collect the award money which I think is possible to happen considering our corrupt government.

There are controversies about it, there are rumors about it. Every election period someone wins the jackpot and even my father-in-law who works for a governor told us that there are instances that the lottery in our country is rigged and fake people are chosen to collect the jackpot for election money. There is no way for us to verify this but this makes sense since most mega jackpot are won during election perior or even prior to that.

Lorence.xD

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Quote from: Gotumoot on October 27, 2020, 01:34:03 AM

I don't see it as a tax since they are free to avoid it but most of the poor are really clinging into it.
They are paying for it every once in a while to try their luck on hitting that jackpot that is almost impossible to get.
And I understand them even though I hate the idea for them it is a small sacrifice to have a chance of becoming a multi millionaire.

That is what I meant by saying that lottery is the tax for poor people. Honestly, if they only rely on chances then they wouldn't get far. Most statistics on lottery players has shown that most of the players come from low income household. Even if they are free to avoid, then how come people aare still betting on it, there is only one to blame and that is the advertisements that promises things specifically targeted towards these people. Even if you win the lottery, most winners suffers Sudden Wealth Syndrome.

Johnyz

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Quote from: Lorence.xD on October 27, 2020, 12:28:25 AM

Is government owned lottery a scummy way to tax the poor people?

Another way to collect money from a poor people, there's a lot of bettors on Lottery everyday in my country and this become a one of the major betting place.

I don't know if someone really win the money or our government is just using fake people so they can collect the award money which I think is possible to happen considering our corrupt government. I don't bet on lottery, its just like wasting of money and hoping for my entire life to win the jackpot, this is too impossible yet many people depend on this one seriously.

Gotumoot

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I don't see it as a tax since they are free to avoid it but most of the poor are really clinging into it.
They are paying for it every once in a while to try their luck on hitting that jackpot that is almost impossible to get.
And I understand them even though I hate the idea for them it is a small sacrifice to have a chance of becoming a multi millionaire.

glowing10

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The one thing is that somebody is going to win it if they get the correct numbers, now will it be me or no will depend upon the number selection. I know I may not be the luck one who will get it right , but just in order to be able to become part of winning who knows I may get it right or somebody else may get it right will first need to participate in it else they will never ever win by remaining outside. Now I may do it for fun just once in a while or so but those who are just doing it every time with hope will only win that is where I think it is wrong on their part.

goaldigger

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The probability to win on Lottery almost didn't exist, and a very few lucky individual will win the jackpot once in a while. Our local Lottery is not just a Lottery they have many Charity works despite of the corrupt officials. I don't think this is just a way to collect taxes since this is a voluntarily game, and those who wants to play are welcome to bet as long as its legal. I do play lottery sometimes, but I'm not expecting to win big and honestly My Dad always bet and he's consistent for the past decade until now, we're still a commuter. Cheesy

Lorence.xD

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Lottery is the most notorious of all the gambling institution. The promise of a good life is what makes this a lucrative attraction for the people below or hanging in the poverty line. Although the odds of winning is higher than becoming an astronaut, many still take the chance to get the coveted numbers. Unless you are a statistician/mathematician or you have the money to buy all the combinations, winning is close to impossible.

Do you think that the pros of playing lottery outweigh the cons or vice versa?

Is government owned lottery a scummy way to tax the poor people?

How far are you willing to gamble to win the coveted jackpot (If you are playing lottery)?

Topic: Lottery is a poor man's tax - page 4. (Read 643 times)