Which lottery to play

You'd better be if you play the lottery. Depending on which one you play, you have some pretty long odds. For example, the odds of winning a recent Powerball drawing in Tennessee was 1 in Most people would agree the risk of any of these events actually happening to them is pretty slim. Let's look at it another way. Assume you went to the largest stadium in the world—which happens to be in North Korea.

The stadium was filled to capacity. As part of the price of your ticket, you were entered into a lottery where you could win a new car. In that case, your odds of winning are 1 in , Would you be sitting on the edge of your seat in that stadium as they're reading the ticket number or would you believe that, realistically, you're not going to win?

To equal the odds of winning the Powerball lottery, you would have to fill that same stadium to capacity 1, more times and put all of those people together and have the same drawing for the one car. Would anybody believe they could actually win in a crowd of people that large? Still not convinced? If they were giving away a new home to just one person and everybody in the six most populated states in the United States entered, that would equal your chances of winning the lottery.

Of course, someone has to win the lottery, and the only way to win it is to be in it, as the ads say. But what's the best way to be in it? The rules of probability dictate you do not increase your odds of winning the lottery by playing frequently. So each time you play the lottery, there is independent probability—much like a coin toss where each and every toss, regardless of the number of tosses, has a one in two probability of landing on heads.

The odds stay the same—in the lottery and the coin toss—regardless of the frequency of playing. You can, however, increase your odds by purchasing more tickets for the same lottery drawing. Keep in mind, though, that two tickets might increase your odds from one in 14 million to two in 14 million, which is not a significant improvement, statistically speaking. Someone would have to buy a lot of tickets to appreciably increase their odds of winning.

Even if a person could afford to, however, they could not buy enough lottery tickets to guarantee a win unless they were the only person buying the tickets. As more tickets are collectively sold, the odds of winning inversely decrease. The chances of winning the lottery are exceedingly remote, but that doesn't stop people from playing.

Overall, approximately half of all U. In certain states, the majority of lottery revenue comes from a small percentage of players. So what? The lottery is just one of those fun things that we do as a way to strike it rich, right? For some folks, that's true, but for others—often those with the least amount of money to spare—playing for these jackpots can be a serious income drainer.

An overwhelming amount of lottery participants seem to reside in the lower economic classes, according to the stats. Lottery retailers collect commissions on the tickets they sell and also cash in when they sell a winning ticket, usually in the form of an award or bonus. A curious headline was placed on the homepage of the Mega Millions website on March 25, , a day when the odds of winning flew up to 1 in million. The headline read, "Save for Retirement. Is there a better, more profitable, way to spend or invest the money you'd otherwise devote to the lottery?

Let's look at the numbers. Of course, the stock market is never a sure thing. Stocks can depreciate as well as appreciate. So let's try a more cautious estimate. Let's say, despite the dismal odds, you do win the lottery, and you win big—six figures big. You're going to face a lot of decisions, and the first one is how to receive the funds.

With most lotteries, you get a choice: they can write you a check for the lump sum amount or you can receive it in the form of an annuity. The lump sum is a single cash transfer, whereas the annuity is a series of annual payments often spread out over 20 to 30 years. Unlike some annuities that end when you do, this is something called an annuity certain : the payouts will continue for the set term of years, so if you pass away, you can bequeath those payments to whomever you would like.

Which should you take? Only six states allow winners to remain anonymous, while three others allow them to collect winnings through an LLC. Most lottery winners opt for a lump sum payment. They want all of the money immediately. It's the chance to be a bit savvy and pick up bigger prizes by matching fewer Lotto numbers. Set limits. Get reminders.

Take time out. Using our tools can help you stay in control. Win millions. Millions win Big life-changing lottery draws. The one. The only. The original. Here are five draw-based lottery games, with a variety of exciting features.

Choose your favourites. Discover the games here open in a new window. There are two ways to pick numbers: Quick Pick and to choose your own. Learn more about these easy ways to play here. Whichever way you choose, when there are multiple lines, the random number generator picks the next set of numbers for you. A fast and easy way to play. You choose the numbers you want to play. Simply fill out the selection slip at a participating retailer. You choose your numbers on a paper selection slip provided at participating retailers.

There are four ways to check:. With all lotteries, the matching numbers must be on the same line in order to win, not across multiple lines.

Check winning numbers. Learn about claiming your prize. Both methods ensure a random result for every draw, and lottery balls are tested regularly for consistency in size and weight to keep it that way.

Most lottery jackpots are progressive, which means jackpots that are not won roll over between successive draws and get larger. These jackpots can be won by multiple winners. Toggle desktop navigation. Toggle mobile navigation.