Posted: Monday, Feb 22,2021 | Time: 07:51 am | Edited by: The Lottery Lab Staff
“What is the likelihood of winning the lottery, then stepping out your front door the next day and getting struck by lightning?”
“Playing the same lottery numbers over and over again will make you win a jackpot!"
“Lottery jackpots are way harder than ever to win!”
Have you ever come across any of these statements and believed them to be true?
At The Lottery Lab, we’ve all heard them - erroneous beliefs about lotteries that popular media outlets spread. Too many of these statements are nothing more than opinions that are not based on facts!
Over the years, a number of myths and outright fallacies have developed surrounding lotteries, and continue to spread anyway. With the advent of the internet, these lies have spread more widely and have been treated as gospel truths.
But today, “the truth shall prevail”!
It’s time we dig into the most common lottery myths and debunk them!
Ok… so playing your lucky numbers over and over does provide comfort and satisfaction, but it isn’t a magical technique and it won’t improve your chances of winning or turn you into a winner!
While there have been winners who have applied this technique, the fact remains that lottery numbers are drawn randomly, so the odds of your lucky numbers getting picked are the same as anyone else’s.
This is one of the top and most common criticisms of lotteries. Many critics view lotteries as a “regressive tax” because it turns out that low-income groups contribute more revenue than high-income groups. The popularity among the poor is why critics see lotteries as a tax on the poor.
But if you dig deeper, you will realize that playing the lottery is voluntary whereas taxes are compulsory. According to some lottery studies, a significant number of middle-class citizens play lotteries.
Plus, let’s not forget that some celebrities like Sylvester Stallone, George Clooney, Hugh Jackman, Madonna, and Woody Allen also enjoy the thrills of playing the lottery.
One common notion that people believe is that bigger jackpots have a greater chance of being won. But this notion is often entirely misunderstood! It depends on how you define the situation. The odds that a single ticket for one drawing of Powerball will win a jackpot is 1 in 292,201,338 whether the jackpot is $40 million or $1 billion. The odds of winning a game depend on the structure and mechanics of the game and not on the amount of jackpot.
The reason people develop this belief has to do with the odds that someone will win the jackpot. When more tickets are sold for a drawing, the odds that someone will win goes up. Since some major lotteries like Powerball and Mega Millions can have astronomical jackpots, they also attract huge ticket sales. The fact that someone is more likely to win, doesn’t change the odds that a single ticket will win.
OK, here’s a little secret, the universe is not keeping a record of your good luck. Before you win a lottery jackpot, your odds of winning two jackpots are exceptionally low. However, after you win your jackpot, your odds of winning a second jackpot are just the same as winning one jackpot.
A surprising number of people have employed strategies to win multiple multi-million dollar jackpots. Stefan Mandel won the lottery 14 times. Joan Ginther made headlines with the Texas lottery 4 times. The lucky couple Calvin and Zatera Spencer bagged the lottery jackpots three times in a month. It is possible for you to level-up your winning strategy and find the winning numbers.
All of us believe this at some point in our lives. Winning a lottery may be a life-changing event, but it doesn’t change the person you are. If you were happy and content before, you will likely be the same after your big win. If you are the kind of person who makes careful financial decisions, a healthy amount of money will definitely help you achieve financial freedom. But large amounts of money don’t guarantee happiness or love. This is why it is always a good idea to seek professional advice so you can manage your win responsibly.
This fear is quite common in communities where lotteries are the only legal form of gambling. But the truth is that simply playing the lottery does not lead to compulsive gambling. Addiction to anything is often a result of psychological and physiological factors that feed an individual’s habits. Not only does every U.S. lottery encourage responsible lottery and provide support for players with gambling problems, but the structure and timing of lotteries are far less likely to contribute to compulsive gambling than scratch-off tickets or other instant games.
In the same way that players who buy more tickets are going to win more frequently than casual players, lottery stores that sell more tickets are going to have more winners. The moment a jackpot winner is drawn or multiple winners come from the same place, people assume that the store has some special quality. Once a store acquires a reputation for “good luck”, it can hold the attention of lottery ticket buyers for years. And since stores receive compensation for their volume of ticket sales, they have little incentive to discourage this kind of behavior.
Many U.S. lotteries give you the option of either selecting a lump sum payment or payments over a 20- or 30-year period. Usually, winners opt for the lump-sum payments even though they only get about half of the advertised jackpot. Then, there are state and federal taxes on lottery winnings that need to be paid. And in some cases, taxes can gobble up as much as 50% of the prize. So your $40 million win quickly becomes $10 million.
For these reasons, there are players who think that annual payments are a better option. These players find ways to shelter their winnings from taxes and make investments to increase the value of their prize.
Each individual should consider their own financial situation, the advice of their legal and financial team, and the specific laws of their state.
With increases in the number of balls for games like Powerball and Mega Millions, people believe that cracking a jackpot is a much more difficult feat today! But on the contrary, players often overlook the fact that the popularity of these large lotteries has created a demand for “smaller” games that offer life-changing jackpots with odds that are much more realistic now and are quite easy to crack!
Lottery is a combination of luck, winning techniques, and knowing what it takes to fulfill your dreams. Every decision you make should be supported by knowledge and responsible playing. Because in the end, it’s your money so your decisions need to be worthwhile. Look for winning tips and tools and then mark your numbers. Every action you take must be a mindful one rather than blindly following cooked-up stories and myths!
Who knows you may be a lottery winner soon!
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