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Georgia Lotto Players - "Biggest Suckers" - Bloomberg

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03-24-2012 , 05:25 PM

BigBetBea

centurion

Join Date: Oct 2011 Posts: 132

http://www.bloomberg.com/news/2012-0...for-least.html

Interesting Article out of Bloomberg Business News,

It called Georgia lotto players "the biggest suckers spending more for least."

Georgia players spend a larger percentage of their income on lottery than any other state in the USA with "state-run (Lottery) games...have the worst odds of any form of legal gambling."

Ga players get back 63c for every dollar spent

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Massachusetts players were the biggest lottery winners, getting back almost 72 cents on the dollar, according to the data compiled by Bloomberg

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03-24-2012 , 11:00 PM

ractar

Guest

Posts: n/a

Interesting. I thought lotteries paid about 50c on the dollar. I guess I'm the one who is bad at math

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03-25-2012 , 01:04 AM

tringlomane

veteran

Join Date: Jun 2011 Posts: 2,573

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Originally Posted by ractar

Interesting. I thought lotteries paid about 50c on the dollar. I guess I'm the one who is bad at math

State Lotteries/Powerball/Mega Millions usually do pay 50%. That didn't stop me from buying a few tickets tonight though...lol

Scratchoffs in most areas pay in the 60s.

I used to live in GA, and I'm not too shocked that GA spends that much on lottery. One big reason is because it's the only legal form of gambling in the state.

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03-25-2012 , 07:34 PM

John Mehaffey

Carpal \'Tunnel

Join Date: Dec 2003 Posts: 9,931

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Originally Posted by ractar

Interesting. I thought lotteries paid about 50c on the dollar. I guess I'm the one who is bad at math

I believe the GA scratch tickets pay 50% but two other games do not. One is the Powerball type jackpots, and since GA is selling so many tickets, they are going to have a disproportionate # of winners. The GA Lottery also has keno drawings every four minutes. That games pays back in the 60% range.

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04-01-2012 , 02:30 PM

SheetWise

banned

Join Date: Jul 2005 Posts: 4,677

I've seen some very creative accounting used by states when they calculate players return. The most common is to remove advertising, commissions, and printing costs from the equation -- which makes the most inefficient operations appear to have the greatest percentage payback. You'll be shocked at what you find with a little research -- very opaque.

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