National Lottery at Christmas.

Freecall

A few weeks after the lottery started in the mid 1990’s I went to have my hair cut, the staff were all very exited about it (the lottery that is, not my hair) and asked me if I had played.

I told them that I hadn't and didn't know how. So they gave me a ticket to fill in and told me that I just had to select 6 random numbers. I picked 1,2,3,4,5 & 6.

They pointed out that I was being a bit daft since these numbers stood virtually no chance of coming up.

Enough said!

gadgetmind

bertpalmer wrote: »

I'm amazed people in here are happy to play the stock market

Despite the ups and downs, this is a strategy that's been shown to give long-term results that can't be matched using any other approach or asset class.

but not buy a lottery ticket! Seems like a dichotomy to me.

This is a strategy that underperforms pretty much everything else you could do with the money.

paddyrg

Overall the odds haven't changed a heap, they still return the same gross percentages to charities and the prize pot. And even in a rollover week, the odds of winning don't change, just the reward if you do win.

That said, good multiple rollover week and I'll punt a couple of quid ;-)

Freecall

bertpalmer wrote: »

I'm amazed people in here are happy to play the stock market but not buy a lottery ticket!

Some might be prepared to do both.

When you buy a lottery ticket you buy entertainment, a bit like buying a theatre ticket. If you get £1 worth of entertainment from participating in the draw and cheering along with the moment then it is good value.

Buying the shares of a listed company in the expectation of a return is an investment strategy.

Do not confuse the two.

ChesterDog

bertpalmer wrote: »

I'm amazed people in here are happy to play the stock market but not buy a lottery ticket! Seems like a dichotomy to me.

I made a new years resolution to start paying this year. I pay by direct debit, once a week. I've only won once, but it was about £130 quid which pretty much pays for itself.

It's only about £100 a year, not really very much. I've spend more than twice that on a meal out!

Most people on here are not 'happy to play the stock market'.

That is a fallacy common among almost everyone who I come across who know I invest in the market.

What they actually do is choose stocks very carefully - often those which provide good income as well as potential growth. They then invest their money based on that research and monitor the performance carefully.

opinions4u

bertpalmer wrote: »

I'm amazed people in here are happy to play the stock market but not buy a lottery ticket! Seems like a dichotomy to me.

50% of the money spent on lottery tickets doesn't get returned as prize money.

I wouldn't invest in a share that I knew would drop by 50% immediately.

musehead

Freecall wrote: »

So they gave me a ticket to fill in and told me that I just had to select 6 random numbers. I picked 1,2,3,4,5 & 6.

They pointed out that I was being a bit daft since these numbers stood virtually no chance of coming up.

Enough said!

Someone once told me that out of principal they play those numbers every week. It's actually a really bad idea though because apparently several thousand people do this. So if those numbers do come up you'd get a very small share of the jackpot!

jimjames

AkaBreeno wrote: »

Luckily my memorys so bad I keep forgetting to buy a ticket so I can easily say I've never spent more than a tenner (in around three years!) on it. :P

I bought a ticket when the lottery first started. I didnt win that week and have never done it again.

bertpalmer wrote: »

I'm amazed people in here are happy to play the stock market but not buy a lottery ticket! Seems like a dichotomy to me.

I'd see it round the other way. Funny how many people are prepared to gamble on the lottery but think investing in the stock market is too risky. Lottery has a 99% (or whatever the odds) chance of losing your stake, unless you buy individual shares that is highly unlikely with stock market. :think:

Freecall

musehead wrote: »

Someone once told me that out of principal they play those numbers every week. It's actually a really bad idea though because apparently several thousand people do this. So if those numbers do come up you'd get a very small share of the jackpot!

I didn't know that but I did read somewhere that most numbers are picked in the range 1-31 (due birthdays they think).

Although it would not alter the odds, picking numbers that fewer others do would at least change the potential risk/reward ratio.


PS: I can't believe that I am even seriously discussing such things. :mad:

gadgetmind

Yes, we'll soon be looking at these.

http://www.obliviousinvestor.com/roulette-etfs/