Mega Millions Jackpot Reaches $480M

By: The Trend Wire

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Lottery is enticing. The Mega Millions jackpot is $480 million, making it tempting to buy a ticket while getting coffee. 

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Americans spend more on lottery tickets than books, movies, video games, sports, and music combined

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We spend $71 billion a year on that piece of paper's dream.

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For most players, that dream will never come true, and for the few that defy the odds, the dream typically becomes a nightmare.

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If you won $17,657, you'd be delighted, right? If you invested the $220 the typical American adult spends on lottery tickets each year and earned 6%, you'd have that after 30 years.

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Compound interest can create a windfall instead of chance. Even if you lose, the kids benefit when you buy a lottery ticket. Profits assist public education. Fantasy.

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The majority of proceeds go to payouts and advertising. Education gets less than 1 in 3 dollars. The billions for schools are deceptive.

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Instead of augmenting traditional funding with lottery revenues, legislatures use the money to replace it.

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Most tickets are sold to low-income Americans in disadvantaged neighbourhoods, according to the Journal on Gambling Studies. Poor people buy more lottery tickets despite having less money to waste.

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Why? Because that's where lottery-related advertising is concentrated and the dream is marketed.

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Many lottery winners receive state aid. That means they're buying lottery tickets with taxpayer-funded money. The state supports this practise by advertising widely in areas where residents get public assistance

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In a final act of retaliation against the impoverished, governments like New York remove rewards from anyone who wins with assistance.

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Lotteries are free from federal "truth-in-advertising" requirements. Advertisers can infer victory with just a ticket, a dream, and good vibrations. They can minimise odds and risks.