People play the lottery for all sorts of reasons. Some play it just to pass the time, while others are hoping that one day they’ll win big and change their lives for good. In the US, there are more than 45 lotteries where players can purchase tickets. The only states that don’t offer lotteries are Alabama, Alaska, Hawaii, Mississippi, Nevada, Utah, and Wyoming. Despite the high jackpots, winning a prize from a national lottery isn’t guaranteed. In fact, about 70% of people who receive a cash windfall lose it within a few years. They spend it on frivolous things, get cheated by friends and family members, or make bad investments. However, there are ways to increase your chances of winning. The first thing to do is avoid the temptation to buy tickets for the biggest jackpots. Instead, look for lotteries with smaller prizes but better odds.
While the odds of winning a lottery prize are low, many players employ tactics they believe will improve their odds. These include choosing lucky numbers like birthdays or anniversaries, buying tickets every week, or only playing Quick Picks, where lottery machines randomly select a group of numbers. However, these strategies are more myth than reality. Harvard statistics professor Mark Glickman has a different approach to boosting odds: “Buying more tickets increases your chances of winning, but only marginally.”
The best way to increase your chances of winning is by choosing a combination that’s already in use. This will prevent you from competing with thousands of other players, which reduces your chance of winning the jackpot. You can also increase your odds of winning by playing less popular games, which have lower prize amounts and fewer participants.
There’s a reason that the King Kullen supermarket in Long Island is nicknamed the Lottery Store. It sells an average of $246,000 worth of tickets a week, making it the country’s top lottery retailer. The E-Z Food Mart in Elmira sells the second most lottery tickets at $121,000 a week.
In a video for CNBC Make It, Jared James, former PriceWaterhouseCoopers CPA and Mergers & Acquisitions Specialist, shares his tips on how to buy the best lottery tickets. He recommends checking the ticket prices and odds before purchasing a lottery ticket, as well as setting a budget for your tickets. He also advises against risking essentials, such as rent and groceries, on lottery tickets. Lastly, James stresses the importance of patience and reminds people that more people lose than win. If you’re serious about winning, you must be willing to invest the necessary time and effort. For example, he recommends watching the results of past jackpots to learn which numbers have been most frequently won and to understand how jackpots grow. Then, you can decide if the jackpot is worth the gamble. If you’re not convinced, you can always take a pass on the next drawing.
