So the article here which describes the alleged “shady tricks” pulled by a minority of lottery ticket vendors, is yet another reason NOT to buy lottery tickets. I have ranted about this before, but I guess I need to rant again.
The people who make money on lottery tickets are the following:
- The people who own the lottery, notice you aren’t allowed to start your own lottery, that is reserved for governments. Too bad the “Send Big Caj to the Bahamas Lottery” sounds pretty good. The OLG folks make the big cash here.
- People who sell the lottery tickets. They make money on the sale, and when folks who they sell to win, as well.
- People who buy the tickets
But (1) and (2) make Lion’s portion of the money, the amount paid out by the lottery is insignificant in comparison (hence why you are not allowed to run one).
Put your lottery money in a savings account, or a retirement fund, or your debt, or your children’s college fund, or give it to a worthy charity, all of these are much better choices for your hard-earned dollars.