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Your Chances of Winning the Lottery

By on August 14, 2013
Categories: FINANCIAL PLANNING

Steadily saving for retirement, a new car or a college education can take years and a lot of discipline before you enjoy the payoff.

That’s one reason why it’s so tempting to dream about striking it rich by buying a lottery ticket at the nearest 7-11.

Mint.com, an award-winning consumer website, recently took a look at just who plays the lottery and how much they spend in pursuit of becoming instant millionaires.

Lottery Facts and Figures

Here are 11 facts that Mint.com uncovered:

1. In 2012 Americans spent $78 billion pursuing lottery jackpots.

2. The odds of winning the Powerball are 1 in 175 million.

3. The chances of winning the California Super Lotto Jackpot are 1 in 18 million.

4. Last year roughly half of Americans purchased at least one lottery ticket.

5. About 20% of the population buys the vast majority of lottery tickets.

6. Households earning less than $12,400 a year spend 5% of their income on lotteries.

7. The nation’s largest jackpot of $656 million was split three ways among ticket owners in Kansas, Illinois and Maryland.

8. You are more likely to…

  • Die in a plane crash: 1 in 355,318
  • Die from a bee sting: 1 in 6.1 million
  • Be dealt a royal flush in poker: 1 in 655,750

…than win a big jackpot.

9. Lottery players lose an average of 47 cents on the dollar for each ticket.

10. It’s not a happily-ever-after ending for most lottery winners. Seventy percent of Americans lose their money within a few years of experiencing a sudden windfall.

11. The real winners of the lotteries are the states. They typically earn a 40% profit from their average payouts.

Learn More…

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