Why does a millionaire not win the lottery?

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  • Why does a millionaire not win the lottery?


Answer #1 | 18/12 2013 13:09
Because they're too intelligent to waste their money on lottery tickets.
Positive: 61 %
Answer #2 | 18/12 2013 13:09
Wealthy folks understand the odds and that playing the lotto is entertainment, not investment. Simple!!!
Positive: 55 %
Answer #3 | 18/12 2013 13:18
Based on the choices for say, The Mega Millions, to get the winning pot (for example the 600+M pot from the other night) You would have to pick every possible number combo. Based on 55 numbers on all ends that would cost about 27,680,640,625 ($1 for each play, even with 5 Million dollars to buy lotto tickets, the percentage of winning the jackpot is so tiny) So if you had 5 Millions, it'd be a waste to try to flip it on more lottery.
Positive: 35 %
Answer #4 | 18/12 2013 13:41
1. As it turns out the cost to buy every ticket in the lottery is almost always more than the lottery jackpot. For example, It would cost over $258 million to buy every combination in mega millions and over $350 million to buy every combination in powerball. 2. The actual cash value is only about 55% of the winning amount. A $200 million dollar lottery means that the winner gets that amount over 20 years, or they can get $111 million in cash now. 3. Multiple people might win. So for example on last nights Mega Millions, 2 people won. Let's say a millionaire buys all 258 million number combinations and wins a share of the $636 million prize. Since 2 people won, each gets $318 million over 20 years OR $175 million in cash. That means, even as a winner he has LOST 258-175=$83 million! He will make up some with the other combinations, but still not enough to break even. Doesn't look like a good an investment to me. 4. Logistically it would be extremely difficult to purchase every combination and keep track of every thing. Can you image filling out all those cards uniquely AND wheeling up to a convenience store to purchase AND print 258 million lottery tickets AND paying for it? It would would take a small army of people and a lot of work to make sure it is done right.
Positive: 3 %

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