On the daily basis, it is not those lottery winners who receive the most money, but rather the corporations themselves. They have revenues of over a billion dollars each year. The money that is not won by others, or does not go towards overhead (money for keeping company functioning on a daily basis) is instead spent on a variety of projects. George Bernard Shaw is one to believe that only some of these investments are "worthwhile," which end up equaling 1/3 of these lotto companies yearly revenues. .
Despite all of this, lotteries are causing more harm then good. Most of those who are fairly credited politicians, as well as a large group of electorate, enjoy the lottery, and thus added to its popularity. The lotto is like a "voluntary tax" in that those who buy, voluntarily tax themselves. Yet the ironic situation here is that most of those who chose to purchase a ticket can hardly be able to pay for, hoping that one day they will win big, and clime the social ladder to places far above of mowing peoples lawns, for example.
As a result it is best to figure out ones "expected winnings" before one even considers purchasing a ticket. To do so complete the following:.
(Amount you might win x probability of winning) - (amount you lose or the bet) x (probability of losing) = expected winnings. For example let's say this week's jackpot for the Connecticut lotto is $250 million and a ticket costs $4. These two numbers would have to be subtracted because if you were to win this sum, you would be receiving 4 dollars less, since you invested this money in a ticket. This number ($249,999,999) would be placed in the "Amount you might win" column. Then if the ticket cost $4, this number would be placed in the "amount you lose" column.
The probability of winning varies with the lotto. If this were to be a 6/ 49 lottery then our chance of winning would be 0.000000000137 because there would be equally number of chances to pick to possible 44 numbers.
