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Mega Millions Prize is Enticing but are Players 'Suckers'?

An AOL Daily Finance report says a recent Bloomberg report gives Georgia the "biggest sucker prize".

According to an AOL Daily Finance report, getting rich from winning the lottery is statistically impossible. 

The same report says a recent report out of Bloomberg declares residents of Georgia some of "the biggest suckers" in America. 

Collectively, Peach State residents spent $3.4 billion on lottery tickets over the past year — an average of $470.73 per adult, which amounted to a full 1 percent of their annual income, ensuring the state a high ranking on Bloomberg's "sucker index".

But it was its low rate of winning lottery payouts — 62.9 percent — that really pushed Georgia over the top and won it the biggest-sucker prize, the reports says. 

According to the U.S. Bureau of Economic Analysis, of the 43 states that run lotteries, the average payout is just under 60 percent of the revenue dollars collected. 

That's an important number, according to the report, because rankings aside, whenever you're talking lotteries, true "winners" are few and far between. 

According to Bloomberg's study, state-run lotteries "have the worst odds of any form of legal gambling" in America. They're so bad that when you play the lottery in Louisiana, over time you're going to average $0.51 in "winnings" for every dollar you pay to play. The best odds in the nation can be found in Massachusetts, but even up there you're looking at a $0.72 payback on each $1 lottery ticket. And the average payout is just $0.60.

The report compares the odds of taking home a big lottery jackpot to the odds of some other activities:

  • Getting pregnant from a one-night stand: 1 in 20
  • Getting struck by lightning: 1 in 10,000
  • Dying in an airplane crash: 1 in 355,318
  • Being dealt a royal flush in a given hand of poker: 1 in 655,750
  • Dying from a flesh-eating bacteria: 1 in 1 million
  • Winning the California Super Lotto Jackpot: 1 in 18 million

Have you already gotten your Mega Millions ticket or multiple tickets? If so, what would you do with the winnings? If not, do you plan to play? Tell us in comments below. 

Abe Barta March 29, 2012 at 07:08 PM
The Mass Mega Millions is up to 500 million Dollars. I play a dollar when its a huge jackpot. Realistically speaking I stand a snowballs chance in hell in winning the mega millions jackpot. However, here is a side you may never have considered. In these difficult times we are all facing today. For 1 dollar, I can by a dream and the hope of winning. Because when you buy a lottery ticket everyone imagines what they would do if they won the Mega Millions . You are probably wondering to yourself, What would I do if I won the mega millions you ask? Here is my dream. I would sit somewhere on a beautifully exotic beach surround myself with equally beautiful exotic women,Bikini clad of course. ( if my wife does'nt kill me first) Sipping some Mojito's and just sit and Watch Rocks Grow. Now that's a dream that is comparable to my odds of winning the damn lottery. Now tell me, that dream is not worth a dollar ? So go buy your mega millions ticket. I'll save you a spot on the beach.
Deanna Allen March 29, 2012 at 08:50 PM
Abe, if I win, and I do plan to buy at least one ticket (there's at least a teeny-tiny chance I could win ...) a beach vacation sounds perfect. I just hope if a miracle happens and we both win that I don't end up on the same beach with you and your exotic women — unless your wife shoots straight. : )
Abe Barta March 29, 2012 at 09:20 PM
Deanna ( beautiful name ) I guess that fruit basket i ordered for us from edible arrangements is out of the question now lmao
Abe Barta March 29, 2012 at 09:27 PM
Deanna: I read your Bio. I particularly liked you taste in dogs and a name like fitch, is priceless. also I loved the term political atheist. Personally I believe that politicians and diapers should be changed regularly and both for the same reason.(smile)

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