VWB Blog You have a one in 302.5 million chance of winning the Mega Millions jackpot. The odds are so low that most people say you have a better chance of getting struck by lightning. Nevertheless, people hope that by following systems and rituals, they can better their odds of winning.
We debunk some of the best lottery myths to help you better understand the lottery and how it works.
Playing the Same Numbers Improves Your Odds
Dedicated players will tell you that playing the same “lucky” numbers every week improves their odds. However, picking lottery numbers that are the same does not improve your chances. The numbers get randomly drawn, so the chances of your lucky numbers getting pulled are the same as any other set of numbers.
Mega Jackpot Winner Are Set for Life
People dream of quitting their job and being set for life once they win a large lottery jackpot. Unfortunately, the lottery statistics show that most big winners are in the same financial situation as they were before winning within three to five years.
Even more depressing, about 70% of people who win big end up filing for bankruptcy within a few years. Having a lot of money doesn’t magically solve all of your financial problems when you don’t have the knowledge and skills to manage the money.
The Lottery Is a Tax
Some people view the lottery as a tax. It’s the government’s sneaky way of collecting more money from its citizens. However, it isn’t necessarily the case.
A tax is required by law, and the lottery is not required. A tax is also levied on the payor, which is not something that happens with the lottery.
Many states do try to use the money generated from the lottery for public benefit. You can find out more about how some states use the money towards education.
Long Term Payment Is Always Better
There’s a common claim that taking the long-term payout is always better. The idea is that you have yearly payments for a secured income and that the taxes are lower.
However, this may not be the case. If you don’t outlive the annuity payments, then your heirs will have to make the lump-sum tax payment. Additionally, you’re missing out on the potential growth from investment.
No One Has to Know You Won
Each state has its own lottery commission, which is a government agency. The Freedom of Information Act (FOIA) requires them to declare the lottery winner in a public forum.
For some states, this is a hard rule that means a winner’s name, address, other contact information, and even a photo get released. Other states let the winner form a trust that they can accept the winnings through.
Play the Best Lottery Games
Countless myths surround playing the lottery. If you want to create the best lottery odds, it’s best to not let yourself get tied up in the myths. Remember that playing the lottery is gambling, and there is no way to better your odds of winning beyond pure luck.
For more useful information, check out our other interesting and informative articles.