Almost all of us have been involved in playing the lottery at one point in our lives. It’s a form of gambling that involves selecting numbers at random. Some governments are more favorable to it than others. Some of them even endorse and organize the state or national lottery. Others outlaw it.
Multistate lotteries have different odds
Despite the fact that my wife and I don’t live in the land of milk and honey, we did manage to score tickets to the big game at the local coliseum. This got us to thinking, maybe we need to do the same for our wallets. Fortunately, we didn’t have to wait long to cash in. And it was a good thing as our prize money was more than we could splurge on a bottle of champaign.
People with low incomes don’t play
During the past decade, two Duke University professors have identified national trends in lotteries. Those trends show that people with low incomes spend more of their income on lottery tickets than higher income individuals.
The most obvious consequence of this is that lottery revenues come from people who are in the bottom economic rung. It also makes it more difficult for politicians to pass tax increases.
The lottery’s popularity is based on the possibility of winning life-changing amounts of money. But it’s also based on an “insignificant” investment. Buying lottery tickets is not like investing in a video game.
Scams
Despite the fact that a majority of lottery scams involve an in-person encounter, fraudsters are also using the internet to target vulnerable populations. They are using a variety of tactics to lure victims into sending money in advance. Some are even using a third party to conceal their identity.
Scammers often target older Americans, particularly those who have previously been scammed. They use tactics such as blackmail and fear to gain access to victims’ bank accounts. They may even threaten legal action if a prize is not paid.