Thursday, November 03, 2011

Powerball Players LOSE $780 MILLION last night!

You are going to see lots of headlines taunting you because you didn't win the $235 million powerball lottery last night.  However, while one winning ticket was sold, the reality is that since the last jackpot roughly 780 million ticket were bought that turned out to be losers. 

The best stat of the day regarding the powerball drawing: If you have to drive 1 mile to get to the store to buy your ticket you are 4 times more likely to be killed in a car accident in that 2 mile round trip than you are to win the powerball jackpot.

However, states know a good tax when they see it - it's voluntary and the poor (a politically weak group) participate at a disproportionate level - so it's game on for lotteries.  In fact, while pulling some powerball stats I saw they are raising the price of a ticket to $2 in Jan 2012.  This will mean more GIANT jackpots and more GIANT losses for the bulk of the public.


No comments: