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Casino Night

"No tie."

I laugh. It's the annual casino night at my college dorm. I'm dressed up more than usual - I'm wearing a blazer. Today it's more function than form, though.

The ticket taker isn't laughing, though.

Is The Lottery Ever Worth Your Money?

On The Lottery

The lottery is just one of those fun things that we do as a way to try and beat the odds and strike it rich, right? For some that is true, but for others, often those with the least amount of money to spare, the lottery is a serious income drainer. Is it really as detrimental to some people's household budgets as some people say?

The Facts

Many consumer finance gurus espouse negative views regarding the lottery. This is because the odds of winning the lottery are so remote that statistically speaking, there is, realistically and practically, no chance of hitting the big jackpot. According to author and financial talk show host Dave Ramsey, the odds of winning the big jackpot are 1 in 125 million, but numbers like that are hard for us to comprehend in a real way, so we'll try to break it down with the following example.

Let's assume that 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 150,000.

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