Almost everyone at one point dreamt about winning the lottery. You have wondered about the life-changing money with the accompanying soft life. While some only stop it at the imagination, others have gone ahead to try a hand and win millions of dollars.
However, before you get started, it’s crucial that you understand the possibility of winnings and if playing the lottery is a worthwhile venture.
Odds of winning the jackpot?
The lottery is not a game of skill; instead, it is a game of chance. There is no single formula to use when you are looking to win in the game. You only need to be extremely lucky to land the winning numbers.
The odds of winning a jackpot are way too low. Even though there are various types of lotteries, all of them come with meager winning chances. For example, the probability of winning a lottery where you pick six correct numbers from a group of 47 is 1 in 13,983,816.
It means you are likely to win once after playing almost 14 million times. Unfortunately, you might also have to play for 269,000 years to win once if you buy a ticket every week.
Other lotteries come with even worse odds. For example, some of the popular mega jackpots come with the odds of winning at 1 in 175,711,536. These numbers are insane given the number of people who still play the jackpots and still hope to win.
Several uncommon things are more likely to happen than winning the lottery. For example, with the odds of 1 in 10million, you are more likely to get struck by lightning than win the lottery jackpot.
Also, most likely, you haven’t considered the possibility of becoming an astronaut more than you have fantasized about winning the lottery. However, with the odds of becoming an astronaut at 1 in 12millions, you are likely to become one before winning the lottery jackpot.
Should you Spend Money on the Lottery?
Once you have learned about your very slim chances of winning the lottery, the next concern is whether spending your money on the game is worth it. Unfortunately, there is no simple answer to the matter, except that it’s relative.
The viability of investing in the lottery depends on what you want to achieve. It is not the right place to spend your money if you are looking for returns. Given the odds of a possible win after every 269,000 years, you know that’s more like money thrown away, literally.
However, it’s all good if you are spending money on the lottery as a pastime. Consider the game as any other hobby that you engage in in your free time. You won’t necessarily expect to win but find enjoyment. While you might still fancy your chances of winning, you won’t be distraught if you fail to win.
Keep track of the money you spend on the lottery. Now that it is a hobby without an assured return, you must only play with the money you are willing to lose. Do not invest your life savings on a jackpot, hoping to become a mega-millionaire as fast as possible. Your chances of ending up with nothing are higher. In addition, you might end up in problem gambling and addiction.
If you are looking for returns on your money, then consider other investment options. There are several investment portfolios like stocks, cryptocurrencies, and other ventures with returns. You can then, later on, use your gains to play the lottery as a pastime.
Now that you understand what you are up against, you can game without the pressure. Purchase online scratchcards here to get started on your next lottery challenge.
How to Increase your Chances of Winning the Lottery
Even with the low odds of winning the lottery, you can increase your chances of getting lucky. Some of your options include;
- Buy more tickets
The more tickets you buy, the higher the chances of landing the lucky numbers. You might have to invest a lot more to be able to sustain this approach. You might even end up with low earnings to recover the spent money on tickets if you win.
- Form a player syndicate to game as a team
Spending your money to buy tickets yet the odds are so low can be unsustainable. You can then consider teaming up with other players to increase your chances of winning. The concern is that you will have to share your earnings among the various players. Still, most lotteries are high value, so it will be worth it.
- Look for more unpopular games.
The popular lotteries attract more gamers hence decreasing your chances of winning. The less famous the game is, the more chances to land your lucky numbers.
The odds of winning a lottery are pretty low. As such, only engage if you are willing to lose your money. Consider the lottery more as a hobby than an income-generating venture.