Topic: Why I am betting on the Mega Millions Lottery – Jackpot over 500$ Million ! (Read 331 times)

People who use critical thinking realize that time and money are wasted by the majority of people buying lottery tickets.

The odds of winning $2 on Mega Millions are 56:1, roulette hitting a number is 35:1, which makes more sense to bet money on?

The lottery is breakeven for one out of 56 people that buy a ticket. Roulette will pay 35 times the amount bet more often than a lottery ticket gets you a free lottery ticket.

Argue away that lotteries are a good gamble though...

They're congratulating the store owner too because according to cnn he's getting some $ too not sure how though.

On another article it was said that the person with the winning ticket hasn't claimed the prize yet. The winner still has a year to claim it and if he/she doesn't it would be one regretful memory for the person to remember.

Only people who have very high luck can win the jackpot. For most people, the odds of winning jackpots are almost non-existent. If we spend our time chasing the jakpot, then it can be said that we tend to waste our time. Even though we put only small amount of money to win the jackpot, but if we done it regularly, it can be a lot and the chance to win the jackpot won't increase.

A lot of people do think so and that's exactly why they can end up poor and with lots of debts. Especially typical situation when playing dice games 49.1/51.9 people feel like if it's been unlucky for e.g. 6 times in a row - the next one must be it, so they keep multiplying the betting amount and eventually lose everything, because you can have up to 16 unlucky bets in succession and more. My point is - you should always remember that past doesn't influence the probability.

Of course what will you expect from the word "Jackpot". Expect that chance of getting it is very low because the prize is really worth it. What will you expect? A huge prize with a high chance of winning? There's no such thing man. This is gambling and there is no easy in this industry.

Yikes. Talk about 258 million to 1 odds, though I've personally witnessed (online) a jackpot with far worse odds hit. Of course, millions of attempts were counted in that attempt so I suppose a (poorly-adjusted) odds for 1 million tickets is 258 to 1.

Not sure I understood though, did the liquor store owner himself buy the winning ticket? Because he seems to be the one congratulated.

1 time cashout of $300M. Not too shabby at all.

Here's the first article I found on it (CBS News). Details seem to be that it was purchased at a liquor store in San Jose, California. I imagine those who have bet the maximum of $500 on some sites are pretty happy right now, as the odds we're pretty damn skewed for this. I'm personally pretty glad I didn't go in high on no jackpot like I planned to.

REKT

LOST

Someone hit the jackpot

The only time it's worth buying a lottery ticket is if you can turn a profit by buying every single combination. Granted, that's not the only way to play, but it's a good rule of thumb that will indicate whether or not buying a ticket is a positive decision or not.

Of course, there is a factor that turns what would be simple mathematics into an uncertain poker-esque calculation and that is the chance that the jackpot could be split. If you could buy every single number and turn a profit, a few different billionaires might get that brilliant idea, and end up splitting the pot which would result in a net loss for each of them. It is this uncertain aspect that causes me to reject the lottery entirely - I don't think it is ever a good idea to buy, and if it is, it should be marginally so.

I get that for some people think that the lottery is their one shot to "make it big", but there are other gambling avenues that allow you to do that (i.e. constant doubling up on baccarat, buying bitcoin to play dice, or high leverage margin trading) that are much less vicious than the lottery when it comes to the house edge that it typically has. Especially if you're buying it off of third party sites like the one promoted in the OP that charge a commission for the luxury of being able to do so.

Though the chances of winning the jackpot prize is very small in this kind of game, people still tend to bet their spare cash here thinking that they could win huge amount of money from it. It is by personal preference whether to bet on go big or go home games like this but again, the higher the risk, the higher the reward that you could get from it. You are only risking very small amount of money so people see it as a game that can go by any time of the day.

Wondering if there's any game like this that involves cryptocurrencies because I really want to try that out with my spare coins. 

@krach. Yes, we understand. The absolute intention is to purchase as much free lottery tickets for as long as 5Dimes' odds will pay for them hehehe.

Also, how long do opportunities like these last? I reckon the sportsbooks might take notice on it and lower the odds.

The probability to win is really small but if you are just spending a small dollars why not to give it a try right? Sometimes I bet on a lottery game but I don't expect anything from it, I just want to find my luck their if ever. The Jackpot price is very high, and many people are participating on this lottery game to find also their luck.

Only a few hours to go, I am not sure some of the people in this thread realise that I am betting on their NOT being a jackpot winner and not betting on the lottery itself as the main bet.

I don't bother playing national lotteries, simply because they have one of the worst RTP rates around. I hear that you can actually negotiate bulk rates on lottery tickets if you join a lottery pool though, so I guess than increases your RTP slightly even if you don't get the full reward.

You can't lose if you don't PAY They didn't like that as a marketing slogan is seems though and went with yours.

There are some people that actually buy a few hundred dollars of tickets, it's kind of sad but it is their life and money.

Any number on roulette is a "better" bet at 35 to 1 odds, which is still quite bad odds but 258,000,000 to 1 is just not something anyone should bet on.

That is a jaw dropping amount to be won. I would spend 2 dollars to buy a ticket or a maximum of 10 dollars to buy 5 tickets and try my luck. Chances to win it are very slim and almost non existent but spending 10 dollars for a chance to win a huge sum make sense to me.

Probably that 10 dollars can be spent in a better way but that is another story.

It is why the games called by a lottery with so huge prize but with cheap lottery tickets. Indeed when we have no luck on such game, it will be just a wasting money game. But it wont be waste of money for those who are lucky enough to win it with just small amount of money.
It is the art of lottery, where people hoping to win big with small amount. Obviously it is our own choice whether to join or not.

Some lotteries are made for funding the charity in order to be able to help the incompetent person(s), so it's not just wasting some money. They are indeed helping those people with their every money that they bet in the lottery. It is automatically taken some percentage of it and will go directly to the funds of the charity.

But for me i don't like playing this kind of game because i'm not good at taking a good guess because my luck is too weak for this.

Yes was gonna point the same thing, the article says 50% goes to government which is surely one reason why anyone shouldn't buy a ticket, they do claim that money will be used for productive purpose such as education but from the current situation i have a feeling that the money will finally end up in military expenditure

They are a waste but you can't win if you don't play.  I don't see the harm in using a few extra bucks per week to have a little fun on the lottery.  Those odds are ridiculously small though and anyone that understands probability would not use a large amount of money.