Many have no business spending money on the lottery, but for others, it may not be a bad deal.
(Update: On February 5, 2020, I caught 4 out of 5 numbers in the CA Lottery’s Fantasy 5 game, the only game I play, less than a dollar a day, for a payout of $335 effectively bringing my lottery spend for the year to zero. The odds of hitting 4 out of 5 in this game is 3,387 to one. I got very lucky and the payout was far from equitable to me, but as you will read below there are other good reasons to play. Here’s another interesting fact: CA Lottery paid out a total of $41,875 to 125 $335 winners. Tonight, February 8, 2020, the jackpot for hitting all 5 numbers is $322,000. The jackpot for this game doesn’t usually get this high, it’s usually around $70,000. The odds of hitting all five numbers are 575,757 to one. Do the math. Fantasy 5 has the best odds of any CA lottery game as far as I know.)
Lottery odds stink. Your money is better spent elsewhere. Gambling is a moral hazard that can become an addiction. Lotteries tend to suck money from vulnerable low-income people. All true. Still, I play the lottery and maybe you should too.
