There are some lotteries that are run as fundraisers for institutions like hospitals that don't have the same high jackpots but instead focus on drawing prizes in exchange for a large monetary sum. In those ones, getting the money together is for a good cause.
I imagine these expenses are one of the reasons why lotteries like Powerball have upped their jackpots into the multi-million dollar range- they don't want the winners going broke immediately.
That's an interesting point. I hadn't considered that they purposefully increased jackpots. My understanding is that they increase based on how much is bought into them (unfortunately, all too often by the exact people who cannot afford to be sinking their hard earned money into the lottery).
Lottery winners, as many are well aware, often don't do too well overall. In part, this is because everyone starts asking them for money (if they go public instead of remaining anonymous). In part, because they are not financially savvy about having this level of wealth. (Understandable.)
It's interesting that there are a good number of repeat winners. These individuals who've won before now have the funds to sink even more money into the lottery thereby improving their odds. It's interesting, too, that they'd continue to go this route as opposed to conventional investing... again, this probably has something to do with financial education... and also something to do with gambling being highly addictive (and, gambling addiction being, in fact, a recognized mental health condition).
Back to your original point. I wonder if not wanting to see the winners go broke is something that is desirable because the optics are bad for the lottery. It's difficult to imagine that any and all choices would be self-interested on the part of state-run lotteries.
There are some lotteries that are run as fundraisers for institutions like hospitals that don't have the same high jackpots but instead focus on drawing prizes in exchange for a large monetary sum. In those ones, getting the money together is for a good cause.
I imagine these expenses are one of the reasons why lotteries like Powerball have upped their jackpots into the multi-million dollar range- they don't want the winners going broke immediately.
That's an interesting point. I hadn't considered that they purposefully increased jackpots. My understanding is that they increase based on how much is bought into them (unfortunately, all too often by the exact people who cannot afford to be sinking their hard earned money into the lottery).
Lottery winners, as many are well aware, often don't do too well overall. In part, this is because everyone starts asking them for money (if they go public instead of remaining anonymous). In part, because they are not financially savvy about having this level of wealth. (Understandable.)
It's interesting that there are a good number of repeat winners. These individuals who've won before now have the funds to sink even more money into the lottery thereby improving their odds. It's interesting, too, that they'd continue to go this route as opposed to conventional investing... again, this probably has something to do with financial education... and also something to do with gambling being highly addictive (and, gambling addiction being, in fact, a recognized mental health condition).
Back to your original point. I wonder if not wanting to see the winners go broke is something that is desirable because the optics are bad for the lottery. It's difficult to imagine that any and all choices would be self-interested on the part of state-run lotteries.