The truth about buying lottery tickets - should you buy for fun or investment?
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Winning the lottery is great entertainment, but should you make that your priority when you buy tickets? Photo: Ohio Lottery
Many years ago I said buying a ticket in the lottery was an investment. I was wrong.
Yes, the ROI (Return On Investment) is enormous when you win.
I said the return on your few dollars a ticket is so great in fact, that you needn't care how much you put into the game. Because when you win, it would be paid back millions of times over.
The problem with my theory was that you had to win to get your ROI and that may take a while. So this didn't make it an investment in the truest sense.
New Jersey resident Phin Suy won $128 million in 2003, bought this mansion and has been enjoying his enormous ROI ever since.
Many serious Silver Lotto System players win dozens of prizes a month. I've got the record for 22 tickets in one game, and recently 15 tickets won in a single game.
Our return on investment is very, very good indeed.
But for the average player who puts in $10 a game expecting an ROI for every game? It's not going to work.
My record wins in one game, 15 tickets (top) and 22 tickets.
Players have to find another way of looking at their ticket purchase, and my answer is to call it as it is - an 'entry fee.'
Which it is.
Because the only way you can get into a game... whether it's lottery, baseball, football or a fun park, is with an entry fee. Whether you get value out of the event is up to many factors. But you have to take the step first.
Sometimes you don't know what your entry fee will get you.
Many players haven't figured this out yet. I know it when they email me and say they 'lost' X dollars. Even though they had won prizes in those games - and where ANY of the prizes could have been a jackpot prize - they didn't want to lose any money on their outlay.
Understandable I guess, but not real-world pretty. So what's the answer?
Calling the lottery ticket cost an entry fee is not going to make anyone change their attitude.
Playing the lottery is fun to look forward to when the draw is live.
So try to look upon your lottery playing as entertainment. Sure, I know you are as serious about it as I am.
But before each game, after you've bought your tickets... paid your entry fee... allow yourself to get excited about what might happen if you won.
Spend some time thinking about what you will buy, and discuss it with other players. You'll be surprised how the change of attitude will make you a better player.
How did some winners spend their wins? Watch this video from USA Today
RELATED: How Much Should You Spend On A Lottery Game Each Week?
