The Lottery Should Pay More Than 50% In Prizes To Lottery Players.

Reply #41

THRIFTY — Sat, 26 Jul 2014 17:17:00 GMT

The lottery payouts will never be $1 for $1, because lottery players are the only ones risking their money.

Reply #40

THRIFTY — Sat, 26 Jul 2014 17:12:45 GMT

You should buy $10,000 worth of lottery tickets.

Reply #39

THRIFTY — Sun, 13 Jul 2014 14:45:47 GMT

HOW TO WIN THE LOTTERY BY NOT PLAYING=SAVE YOUR MONEY TO PLAY THE LOTTERY SOMEDAY.

Play less often is the BEST strategy for playing the lottery! That includes playing so less often that you never play! THAT is the very best strategy. By PDQ

Reply #38

SergeM — Thu, 26 Jun 2014 22:30:42 GMT

That old French roulette might still be with the finest games.

Reply #37

LottoMetro — Thu, 26 Jun 2014 21:41:24 GMT

I forgot to mention this in my response, but I would also point out that even with explicitly-mandated payout/minimum percentages, those are only averages. They can offer 4 games with 30% payout and only 2 games with 80% payout and still be in compliance with the 45% rule. Casinos do the same thing with slot machines. They will have a couple machines with 110% payout and many others with unbelievably awful payouts. Despite this, pretty much any slot is still better than the lottery as far as ret... [ More ]

Reply #36

EdG1955 — Thu, 26 Jun 2014 21:37:14 GMT

South Dakota's Video Lottery has a payout minimum of 80% and maximum of 92% while their paper ticket games are set to a minimum of 50%. I wonder if that 80+ percent payout is common for video lottery games in other states. If it weren't for the possibility of large payouts on the lotto games, one might conclude it makes more sense to play video lottery or traditional slot machines.

Reply #35

LottoMetro — Thu, 26 Jun 2014 21:16:44 GMT

I never said that lotteries follow standard practices instead of statutes. As you pointed out it can be explicitly stated. But in some states the statutes do not specify a proportion of sales required to be withheld or paid out. Instead, they say something in effect to lottery commission will determine or according to fiscal year revenue plan yada yada.

Reply #34

EdG1955 — Thu, 26 Jun 2014 20:58:15 GMT

Do you have a link to support your statement that most states follow standard practices instead of state statute? My search has turned up nothing like that. For example, Massachusetts law states the payment of prizes to the holders of winning tickets or shares which in any case shall be no less than forty-five per cent of the total revenues accruing from the sale of lottery tickets . See: https://malegislature.gov/Laws/GeneralLaws/PartI/TitleII/Chapter10/Section25

Reply #33

bobby623 — Thu, 26 Jun 2014 17:24:52 GMT

The feds win every JP without ever contributing a penny !

I believe the only time the federal government gets a share is when someone wins $600 or more, and has to pay additional income taxes.

The feds get nothing if there no winner of $600 or more.

In Texas, state legislators once decided how much players received. The got greedy, upped their share and nearly caused the

lottery to go broke due to reduced scratch ticket sales.

They later recognized their error. However, they then

Reply #32

WIN D — Thu, 26 Jun 2014 16:29:22 GMT

The State governments are the only ones that will allow themselves .....to all get together and price fix.

Mark my words ......one day a state government will break ranks. ONE will go out on their own and offer higher payouts $$...and others will follow.

It will most likely come from a State Lottery that was losing money and about to default. What will they have to lose at that point?

It will happen on their way down and out for the count ....and in complete finical desperation... [ More ]

Reply #31

haymaker — Thu, 26 Jun 2014 14:52:16 GMT

Thrifty, good list. I see the feds have 1st place and they add nothing to it, only take.

same for states w/ regard to their state.

The others on the list are at least doing something

The feds win every JP without ever contributing a penny

Reply #30

RedStang — Thu, 26 Jun 2014 04:49:20 GMT

NYL could pay back 95% and still make a billion in profit.

Reply #29

yinchaoji — Thu, 26 Jun 2014 04:43:18 GMT

I SAW Your Pick 3 $1.00 Ticket Payout $900 , is it true

Reply #28

LottoMetro — Thu, 26 Jun 2014 00:31:48 GMT

The amount of payout isn't set by law in all states. Most follow standard practices which is minimum 50% but if they wanted to, legally they could reduce it. Massachusetts has the highest spending mostly because they have the highest payouts. IMO spending doesn't matter unless you take into account the payout. If I the player can spend $861 and on average, get back $619 of it, that is still better than spending $470 in Georgia and on average only getting back $296 of it. The Mass. Lottery has ev... [ More ]

Reply #27

THRIFTY — Wed, 25 Jun 2014 23:11:00 GMT

A lottery is a Zero-sum game . What one group of participants gains in cash, the other group of participants must lose. If we made a list of all the participants in a lottery, it might include:

1) Federal Government (Lottery winnings are taxable)

2) State Governments (Again lottery winnings are taxable)

3) State Governments (Direct share of lottery ticket sales)

4) Merchants that sell tickets (Paid by the lottery organizers)

5) Lottery companies (Hint: They are not doing all this

Reply #26

EdG1955 — Wed, 25 Jun 2014 22:32:05 GMT

The amount of payout is set by state law. Most states dedicate 20% to 30% of winnings to designated purposes such as education or seniors programs or other state budget items. Subtract that from the top line then subtract retailer commissions plus overhead and you end up with the payout. Interestingly, Massachusetts has the highest payout at 71.9% and also has the highest lottery spending per adult of all the states at $861, almost double the number 2 state.

See: http://blog.sfgate.com/pender... [ More ]

Reply #25

THRIFTY — Wed, 25 Jun 2014 22:31:51 GMT

THE LOTTERY IS IN BUSINESS TO MAKE MONEY.

Reply #24

THRIFTY — Wed, 25 Jun 2014 22:27:39 GMT

It is no longer about insane odds of winning. Tickets cost and Big Payback Rates in prizes is the new business.

Reply #23

THRIFTY — Wed, 25 Jun 2014 22:23:55 GMT

The lottery can pay back 70% or more, if The Lottery increases the tickets cost to $5. How much can you mess around with the games matrices without increasing the tickets cost to more than $2? Powerball realized this situation a long time ago.

Reply #22

LottoMetro — Wed, 25 Jun 2014 22:18:07 GMT

Massachusetts Lottery pays out 72%. There are games in probably every state that pay out up to 75% or more, if you know where to look. Ironically, the games that pay the best are generally the ones with the most overhead. I've never quite understood this but I believe it has to do with volume.

Reply #21

EdG1955 — Wed, 25 Jun 2014 21:57:48 GMT

What about the retailers? Ohio, for example, pays a commission of 5.5% for each ticket sold. Then you have the employees who stock stores with tickets and lotto promotional material. Auditors. Security. Cost of the tickets themselves. Lottery terminal. Communications network. Guaranteed minimum for state per state law. Etc, etc. It's ridiculous to think a state could operate a lottery with 80% payouts. Or even 70%.

Reply #20

noise-gate — Wed, 25 Jun 2014 13:58:03 GMT

Yes it does Teddi- my remarks were meant to be taken as playful banter.

Reply #19

Teddi — Wed, 25 Jun 2014 12:59:27 GMT

Doesn't computerization only mean a decrease in salaries, not an elimination of them. And wherever there's a network, that also means a highly paid IT department and all the costs associated with the upkeep and upgrade of equipment. Plus the requisite accountants, PR/advertising/marketing personnel, a fraud department, legal counsel, etc etc etc.

Reply #18

four4me — Wed, 25 Jun 2014 06:30:46 GMT

operating expenses include all the employees all the vendors all the buildings the rent or building and maintaining of said buildings the advertising eats up a large chunk of that scratch tickets printing and everything else you have to spend money on in order to maintain said business the lottery is a business if it doesn't generate a profit it will go out of business.

Reply #17

eddessaknight — Wed, 25 Jun 2014 05:36:19 GMT

Another point, well taken NG

Eddessa_Knight

Reply #16

noise-gate — Wed, 25 Jun 2014 04:37:43 GMT

Good Point- here's my 2 cents worth.

If most States are spearheading the movement towards computerized games, why should the people running these shows be picking up a cheque. After all- the machines are doing all the work... .right? Unless they want to be paid for tampering with the machines

Reply #15

four4me — Wed, 25 Jun 2014 04:06:30 GMT

what about operating expenses, salaries, etc

Reply #14

Stack47 — Wed, 25 Jun 2014 04:02:01 GMT

https://www.lotterypost.com/news/275158?q=Pennsylvania+Lottery

Reply #13

Stack47 — Wed, 25 Jun 2014 03:58:40 GMT

I can only speak for the yearly lottery financial reports from a few states, but in each of those states, the majority of ticket sales are scratch-offs. Those average payoffs including free tickets are usually over 60%. The online game payoffs are as you said, around 50%, but after subtracting the jackpot winnings from PB, MM, and lotto sales, the rest of the payoffs are probably less than 40%.

http://www.post-gazette.com/news/state/2014/04/30/Pennsylvania-Lottery-gains-in-profit-margin-rule

Reply #12

THRIFTY — Tue, 24 Jun 2014 22:49:32 GMT

50% payback rate is preventing you from winning a lottery jackpot.

Reply #11

THRIFTY — Tue, 24 Jun 2014 22:47:56 GMT

Lottery players will be very happy with a 70% payback rate on all lottery games. 30% is good for the lottery.

Reply #10

THRIFTY — Tue, 24 Jun 2014 22:44:44 GMT

New York lottery is very stingy on the payback rate of its games. It is the reason why Sweet Million failed.

Cash4Life payback rate of 55% is a joke.

Reply #9

eddessaknight — Tue, 24 Jun 2014 22:44:14 GMT

50% minimum all lotteries

Eddessa_Knight

Reply #8

THRIFTY — Tue, 24 Jun 2014 22:41:28 GMT

Lottery paying back 50% in prizes is what makes lottery games so hard to win.

Reply #7

THRIFTY — Tue, 24 Jun 2014 22:39:39 GMT

The lottery should be paying back 80% in prizes to lottery players. 20% is enough for the lottery.

Reply #6

THRIFTY — Tue, 24 Jun 2014 22:36:31 GMT

Playing the lottery is fun, but paying back 50% in prizes to lottery players is not fair.LOL

Reply #5

mediabrat — Tue, 24 Jun 2014 22:36:29 GMT

Maybe I'm misunderstanding you, but both MM and PB only pay out 50% of ticket sales. In New York, all of the draw games except Lotto pay out 50% of sales except Lotto (40%) and the new Cash4Life game in NY and NJ (55%). I could go through the entire nation and I'll probably find more games paying 50% than 60%.

Reply #4

mediabrat — Tue, 24 Jun 2014 22:25:28 GMT

If Thrifty was in charge of the lottery, he'd see to it that you're only allowed to play once a year.

Reply #3

Stack47 — Tue, 24 Jun 2014 19:43:45 GMT

Even if there was a 100% prize return, only 3.1% of the PB players will win a share of the prize fund. Any straight pick-3 combo still only has a 0.1% chance of winning regardless of the size of the prize. And you really should check the facts before quoting anyone; to my knowledge there is no state lottery paying out less than 60% of their ticket sales in prizes.

Reply #2

THRIFTY — Tue, 24 Jun 2014 18:54:41 GMT

Reply #1

RedStang — Tue, 24 Jun 2014 18:11:51 GMT

I hope you become lottery President one day so we can all be happy again.

The Lottery Should Pay More Than 50% In Prizes To Lottery Players.

THRIFTY — Tue, 24 Jun 2014 17:30:46 GMT

THE LOTTERY SHOULD KEEP LESS MONEY.

50% PAYBACK RATE IN PRIZES IS NOT ENOUGH.

Look, the lottery company operates on a 50% payback rate. In other words, for every $100,000 they collect from ticket sales, they only pay out about $50,000 to winning tickets. At a 50% payback rate, no other standard bet on the planet comes even close to being as bad as buying lottery tickets. The lottery is a TAX on the poor and on the ignorant. By PDQ